Gold prices descend for fourth day in a row; down Rs 2000 per 10 gm

After Union Finance Minister Nirmala Sitharaman announced to cut customs duty on these precious metals, the price of gold has gone down on Thursday (February 4). Finance Minister Nirmala Sitharaman presented her third Budget in the parliament on February 1, 2021

Gold and silver prices today edged lower in Indian markets today amid a slide in rates of precious metals in global markets. On MCX, gold futures skidded 0.56% to ₹47549 per 10 gram, extending losses to the fourth day. In four days, gold has lost nearly ₹2000 per 10 gram amid a slide in global rates and import duty cut announced in Budget 2021. Silver futures on MCX today declined 1% to ₹67,848 per kg.

According to a website, the price of 22 carat gold in Mumbai has gone up to Rs 48,000. In Pune too, the price of 22 carat gold is Rs 48,000. In Chennai, the price of 22 carat gold is Rs 45,410 and 24 carat is Rs 49,540. In Kolkata, 22 carat gold is priced at Rs 48,070 and 24 carat gold is priced at Rs 50,770.

In global markets, gold rates edged lower amid a jump in US bond yields and a stronger dollar. Spot gold eased 0.1% to $1,832.84 per ounce. The dollar index edged higher to 91.198, making precious metals expensive for holders of other currencies. US benchmark 10-year Treasury yield rose to its highest in over three weeks. Higher yields increase the opportunity cost of holding non-yielding assets like gold.

Demand and supply, global market conditions and currency fluctuations are some of the most critical factors which go into determining the rate of gold in a country, with prices changing every day