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Gold and Silver became expensive for the second consecutive day

by pranjalipargaonkar
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New Delhi : The price of gold in India rose for the second consecutive day. Gold futures on MCX increased by 0.43 per cent to Rs 51,910 per 10 grams. Silver also became expensive by 0.78 per cent to Rs 69,503 per kg on MCX.

In last session, gold futures jumped by 0.75 per cent per 10 grams, while silver gained 1.6 per cent, or about Rs 1,100 per kg. However, despite a two-day price rise in gold, it is still below the previous month’s high of Rs 56,200 per 10 grams.

It remained flat today after a sharp rise in the price of gold in the global markets in the previous session. Spot gold remained flat at $ 1,956.17 an ounce today after rising one per cent on Monday.

Among other precious metals, silver slipped 0.1 percent to $ 27.12 an ounce, platinum saw a slight change to $ 954.50, while palladium lost 0.2 percent to close at $ 2,308.81.

The dollar index remained stable today after a sharp decline in the previous session. A weaker US dollar makes gold less expensive for holders of other currencies. Gold is mostly used as a safe deposit in times of political and financial uncertainty.

Since the beginning of this year, gold prices in India have risen by about 30 per cent due financial steps taken by central banks and governments worldwide. India is the second largest buyer of gold after China. Gold attracts 12.5 percent import duty and 3 percent GST on gold in India.

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