Gold Silver Price: Know how much gold was priced in the futures market, the price is Rs 9657 below the highest level
There was a slight change in the futures price of gold and silver in the domestic market today. Gold futures on MCX reached Rs 46543 per 10 grams. Silver remained flat and its price touched Rs 60530 per kg. The yellow metal is still down by Rs 9657 from last year's high (Rs 56200 per 10 grams). Despite higher gold imports in August, physical gold demand in India remained weak. Domestic dealers expect more customers to come during the festive season. Gold had declined marginally in the previous session, while silver had gained 1.5 percent.
So much is the price in the global market
In global markets, gold was trading marginally lower at $1,759 an ounce as the dollar held steady after two sessions of losses. Gold traders will keep an eye on US jobs data for the end of the week amid fears of slowing economic growth. Among other precious metals, silver was down 0.1 percent at $22.51 an ounce and platinum was down 0.1 percent at $971.22. Gold has traditionally been seen as a hedge against inflation.
Gold ETFs are based on the price of gold
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, fell 0.4 percent to 986.54 tonnes on Friday. Gold ETFs are based on the price of gold. The price of the yellow metal fluctuates only on the fluctuations in its price. It should be noted that ETF inflows reflect weak investor interest in gold. A stronger dollar makes gold more expensive for holders of other currencies. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal.