New Delhi. Gold prices in India have fallen for the second consecutive day in line with global prices after US President Donald Trump postponed stimulus talks. December futures on MCX were down 0.9 per cent to Rs 50,088 per 10 grams. While silver futures fell 1.5 per cent to Rs 59,658 per kg. In the previous session, the price of gold had fallen by 0.32 per cent to Rs 10 per gram, while silver had become cheaper by Rs 1,450 or 2.3 per cent. In this way, the price of silver has been reduced by Rs 2500 in two days.
In global markets, spot gold was at $ 1,877.15 an ounce after losing two per cent in the previous session. The strength of the dollar also affected the price of gold. The dollar index was up 0.2 percent against rivals. Among other precious metals, silver rose 0.7 percent to $ 23.25 an ounce, platinum rose one percent to $ 856.51, while palladium was down 0.1 percent at $ 2,339.81.
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Analysts expect the fall in the price of gold based on the appreciation in the US dollar and general market risk perception. Analysts expect the demand for gold in India to increase in the festive season.
Gold is affected by widespread stimulus measures as it is widely seen as a hedge against inflation and currency depreciation. The holdings of SPDR Gold Trust, the world’s largest gold exchange-traded fund or gold ETF, fell 0.32 per cent to 1,271.52 tonnes on Tuesday.
Gold imports in India increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. India is the second largest buyer of gold after China. Gold attracts 12.5 per cent import duty and three per cent GST on gold in India.
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