Gold futures become cheaper today, silver prices also fall

Gold and silver prices continued to decline in Indian markets even today. Gold futures on MCX fell 0.4 per cent to Rs 49,460 per 10 grams, while silver fell one per cent to Rs 58,473 per kg. Last week, gold prices in India fell by Rs 2,000 per 10 grams, while silver became cheaper by Rs 9,000 per kg. Gold is down by Rs 6,500 per 10 grams compared to the highest price of gold on August 7, ie Rs 56,200.

Gold prices in global markets remained stable after last week’s fall. Spot gold touched $ 1,860.19 an ounce. After reaching a two-month high last week, the dollar index was down 0.14 percent against rivals. A weaker dollar makes gold cheaper for holders of other currencies. The sense of global risk has weakened as corona virus cases have increased again in Europe and lockdowns have been imposed again in many countries.
Among other precious metals, silver rose 0.3 percent to $ 22.93 an ounce, platinum rose 0.4 percent to $ 850.74 and palladium gained 0.1 percent to $ 2,217.87.

Gold investors looked for signs of greater stimulus in the US. Over the weekend, US House Speaker Nancy Pelosi said a corona virus relief package could be announced. Discussion is going on for this. Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.02 per cent to 1,266.84 tonnes on Friday.

Gold imports in India increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. India is the second largest buyer of gold after China. Gold attracts 12.5 per cent import duty and three per cent GST on gold in India.