Gold prices in India fall for 4th day in a row, check latest prices
The gold and silver prices in India have fallen on Thursday following a slide in the rates of metals in global markets.
According to the Multi Commodity Exchange (MCX), the gold futures fell by 0.56 percent to Rs 47,549 per 10 gram. As per the report, the gold has fallen nearly Rs 2000 per 10 gram amid in the past four days.
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The development comes following a slide in the global prices and a cut on import duty as announced in Budget 2021. On MCX, the silver futures on Thursday declined by 1 percent to Rs 67,848 per kg.
If you go by the analysts, the slide in gold prices and a recovering economy could boost physical gold demand in India. It may be recalled that the Gold had hit a record high of Rs 56,200 in August.
On the other hand, the gold prices in global markets edged lower amid a jump in US bond yields and a strengthened dollar. The spot gold relaxed by 0.1 percent to $1,832.84 per ounce.
Gold prices in India:
The spot silver price has dropped by 0.5 percent to $26.72. Among other metals, platinum fell by 0.4 percent at $1,096.08 an ounce and palladium has fallen by 0.2 percent to $2,270.06.
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It is pertinent to mention that the United States President Joe Biden had pledged on Wednesday not to reduce the cash handout which was a part of his $1.9 trillion stimulus proposal. However, he did say that he was willing to narrow the parameters for qualification in an order to get bipartisan support for the package.
-PTC News
