On Wednesday, gold and silver futures fell in the domestic market amid the rise in the rupee against the dollar. On MCX, gold futures fell for the third consecutive day at Rs 47,095 per 10 grams. Talking about silver, it fell 0.33 percent to Rs 63,156 per kg. Gold prices have been fluctuating this month. It had come down to a four-month low of Rs 45,600. The yellow metal is still below last year’s high (Rs 56,200 per 10 grams). 9,105 less.
The rupee on Tuesday closed with gains of 29 paise at a nearly 12-week high of 73 against the US dollar, a trend that has continued in the recent past. Gold prices in India include 10.75 percent import duty and 3 percent GST. Gold remained flat in the global markets today. Spot gold was at $1,813.93 an ounce. Among other precious metals, silver was trading at $23.88 an ounce. Platinum rose 0.3 percent to $1015.49.
It may be noted that traders and investors are cautious amid increasing difficulties due to the spread of delta type cases. Uneven global economic recovery and volatility in the rupee against the dollar affect the prices of the precious metals. Gold is seen as a hedge against inflation and currency scarcity. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or gold ETF, fell to a four-month low of 1,000.26 tonnes.