New Delhi: After weak global cues, the domestic market is trading today with a sharp fall in the price of gold. The stable dollar has pushed gold down. On Tuesday, MCX gold futures fell 0.37 percent, or Rs 178, to Rs 47,908 per 10 grams. On the other hand, if we talk about silver, then it fell 0.61 percent (Rs 411) to Rs 67,478 per kg. Let us tell you that gold is still down by Rs 8,292 from last year's high (Rs 56,200 per 10 grams).

Physical gold demand in India remained weak last week as rising prices impacted retail buying. The spot price of the precious metals has remained almost flat in the past month. Rising coronavirus cases, uneven global economic recovery, and volatility in the rupee against the dollar affect the price of the precious metal. China's factory activity grew at its slowest pace in 17 months in July, fueled by high raw material prices and inclement weather, raising concerns about a slowdown in the world's second-largest economy.

According to the Indian Bullion and Jewelers Association, gold of the highest purity was sold at Rs 48,034 per 10 grams, while silver was at Rs 67,906 per kg in the spot market on Thursday.

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