Gold and silver prices declined in the country today. Gold futures on MCX dropped for the fourth time in five days in October. Today, it fell 0.27 per cent to Rs 49,771 per 10 grams. Silver futures at MCX declined 0.5 per cent to Rs 59329 per kg. In the same session, gold rose 0.64 per cent to Rs 300, while silver rose 1.8 per cent to Rs 1060 per kg.
The prices of gold and silver have come down drastically in the same country this week. Gold has been cheaper at Rs 2,000 per 10 grams and silver at Rs 9,000 per kilogram this week. Gold in global markets was under pressure due to the strong dollar. This week, spot gold has dropped more than 4 per cent. Today, it declined by 0.2 per cent to $1,864.47 an ounce. Among other precious metals, silver fell 1.1 per cent to $22.95 an ounce, platinum down 0.3 per cent to $846.72 and Palladium flat at $2,226.44.
The dollar index was up 1.5 per cent this week, the best level since early April. A strong dollar makes gold more expensive for holders of other currencies. Kotak Securities said that the US stimulus package is being delayed, political wrangling over the appointment of a Supreme Court judge in the US, mixed economic data from major economies, US-China tensions and uncertainties of Brexit affected the price. Gold prices have seen a significant change in the past.
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