Gold Silver Price : Gold futures became cheaper, silver prices also fell, know how much is the price
Influenced by the global market, the futures price of gold and silver declined in the domestic market today. On MCX, gold futures fell 0.25 percent, or Rs 118, to Rs 46920 per 10 grams. Silver declined 0.39 percent or Rs 253 to Rs 63930 per kg. The yellow metal is still down by Rs 9,280 from last year's high (Rs 56,200 per 10 grams).
Despite higher gold imports in August, physical gold demand in India remained weak. Domestic dealers expect more customers to come in the coming festive season. In the past week, spot prices of the yellow metal have declined marginally, while silver has gained over Rs 1,500 per kg.
Traders and investors cautious
Traders and investors are cautious amid growing concerns about the spread of the delta variant. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal. According to the Indian Bullion and Jewelers Association, gold of the highest purity was sold at Rs 47203 per 10 grams, while silver was sold at Rs 64449 per kg in the spot market on Tuesday.
So much is the price in the global market
In global markets, spot gold was flat at $1,789.39 an ounce today. US gold futures were down 0.1 percent at $1,781.30 an ounce. Among other precious metals, silver was down 0.1 percent at $23.94 an ounce. Palladium was down 0.2 percent at $2,245.89 and platinum was down 0.4 percent at $975.78.
During April-July 2021, the country's gems and jewelry exports grew by 6.04 percent to reach $1.55 billion. This figure was $11.8 billion in the same period of 2019-20. The continuing recovery in key export destination markets such as the US, China, and Hong Kong has driven exports up.