After a strong rally in the previous session, today the price of gold is stable again, while the price of silver has declined. Gold prices have fallen in 5 out of the last 6 sessions, due to which gold has become cheaper by Rs 56,200 per 10 grams to Rs 9000 from its August 2020 record high. Today, futures gold prices are stable on multiple commodity exchanges (MCX). Futures Gold (Future Gold), which was delivered on April 5 at 10.45 am after opening with a fall, was trading at a level of Rs 47,280 per 10 gram, with a gain of 0.05% ie Rs 24.
At the same time, on 05 March, futures silver with delivery was trading at Rs 68,550 per kg, down by 0.27% i.e. Rs 188. Gold on MCX today fell by Rs 104 to Rs 47,152 per 10 grams. During this time it touched a low of Rs 47152 and a high of Rs 47243. In the previous session, gold had increased by 1.2 percent, while silver had recorded a growth of 2.8 percent. In the global markets, gold remained stable at $ 1,811.80 an ounce. Meanwhile, the holdings of SPDR Gold Trest, the world’s largest exchange-tailed fund of gold, rose 0.2% to 1,159.84 tonnes on Thursday.
Price fluctuations due to these reasons
Market experts say that in the short term, gold prices may remain under pressure. Gold and silver price fluctuations have been seen in US dollar fluctuations, rising corona virus cases and related restrictions, mixed economic data from major economies and the Stimulus Package. Spot gold and gold jewelery prices in the bullion markets of the country have declined due to a cut in customs duty. Let us tell you that in the budget 2021, the central government cut import duty of precious metals to 7.5%. Due to this, gold prices have dropped in major cities like Mumbai, Delhi, Ahmedabad, Kolkata and Chennai.