Following last week’s trend, gold and silver prices have dropped yet again. According to IBJA rates, gold is down by Rs 397 per 10 gram as on September 28 (compared to opening rates of September 25). Meanwhile, silver fell by Rs 1,571 per kg. This downside in precious metals in India is more or less keeping up with the global trend.
Today, as per MCX, gold futures were down by 0.4 per cent to Rs 49,460 per 10 gram and silver dropped by 1 per cent to Rs 58,473 per kg.
Last week gold prices dropped by around Rs 2,000 per gram while silver slumped by Rs 9,000 per kg.
According to IBJA rates (which excludes taxes), on last Monday (September 21), the rate of 24 karat gold opened at Rs 51,612 per 10 gram. On September 24, the price of gold was as low as Rs 49,810 per 10 gram. Meanwhile, on Friday (September 24), the gold prices closed at Rs 49,846 per 10 gram. But today, the yellow metal prices were down yet again.
This decline in gold prices can be attributed to the recovery of the US dollar. This trend started after investors took to wait and watch approach as the US government prepares for its next stimulus.
However, the rising case of COVID-19 in Europe has weakened global sentiments and the changing narratives around COVID-19 vaccine. India is not far behind when it comes to rise in new COVID-19 cases.