Gold prices in India have fallen for the second consecutive day in line with global prices after US President Donald Trump canceled the stimulus discussion. December futures on MCX have fallen by 0.9 percent to Rs 50,088 per 10 grams. While silver futures dropped 1.5 percent to Rs 59,658 per kg. In the previous session, the price of gold had decreased by 0.32 percent per 10 grams, while silver had become cheaper by Rs 1,450, which means 2.3 percent per kg. In this way, the price of silver has been reduced by Rs 2500 in two days.
In international markets, spot gold was at $ 1,877.15 an ounce after losing two percent in the previous session. Gold prices were also affected by the strengthening dollar. The dollar index was up 0.2 percent compared to rivals. Among other precious metals, silver rose 0.7 percent to $ 23.25 an ounce, platinum rose one percent to $ 856.51, while palladium closed 0.1 percent down at $ 2,339.81.
Analysts hope that the price of gold will continue to decrease based on the rise in the US dollar and the normal market risk perception. Analysts have expressed hope that gold demand in India will increase in the festival season. Gold is affected by extensive stimulus measures as it is widely seen as a hedge against inflation and currency depletion. The holding of SPDR Gold Trust, the world's largest gold exchange-traded fund or gold ETF, declined by 0.32 percent to 1,271.52 tonnes on Tuesday.
RBI meeting to be held for three days from today
