After a day's rise in the price of gold, it is again showing a decline today. On MCX, December's gold futures fell 0.5 per cent to Rs 50,386 per 10 grams. This is the second fall of gold in three days. In the last session, gold had risen by one per cent to about Rs 500, while silver was 1,900 rupees per kilogram. In the half-an-hour business, it touched a minimum of Rs 50450 and the highest level of Rs 50559.
The price has come down to a record high of Rs 56,200 in August 7. Earlier this week, it went down to Rs. 49,500. Global markets today saw a decline in gold prices. Spot gold fell 0.1 per cent to $1,896.03 an ounce. Silver rose 0.2 per cent to $24.22 an ounce.
On 7th August last month, gold touched its highest level in the futures market, all-time high and the price per 10 grams was Rs 56,200. By Friday last week, gold also touched a minimum level of Rs 49,380 per 10 grams. Since then, gold prices have decreased by about Rs 6,820.
However, the gold was somewhat recoverable on Friday. Though it is good enough to buy gold at the time, people are not getting a contract towards gold as before even after giving huge discounts due to low demand in bullion market. The fall in gold prices today may be a change in the market.
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