New Delhi : After the sharp fall in the previous session, the price of gold and silver rose in India today. Gold futures on MCX rose 0.14% to Rs 50,544 per 10 grams, while silver futures rose 0.9 per cent to Rs 61,867 per kg. In the previous session, gold was down by 2.4 %, or Rs 1,200 per 10 grams, while silver became cheaper by 9.3 %, or Rs 6,300.
Price is high in global markets
Gold increased today after gold prices fell more than 3% in the last session in global markets. Spot gold rose 0.3 % to $ 1,918.20 an ounce. In the previous session, gold had fallen to the highest in a single month, that is, at $ 1,882.70 as the US dollar hit a nearly six-week high. The stronger dollar makes gold more expensive for holders of other currencies.
Among other precious metals, silver rose 1.1 % to $ 25 an ounce, platinum increased 0.6 % to $ 886.20 and palladium touched sky 0.5% to $ 2,285.44.
Gold is used as a safe investment in times of political and financial uncertainty, it has become costlier by around 26% this year. 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 % import duty and 3% GST on gold in India.
Significantly, on August 6, the gold price of October futures closed at Rs 55,845 per 10 grams. Since then, the price of the gold has come down to Rs 4,130 per 10 grams. Similarly, on silver, on December 10, the silver price of December futures closed at Rs 78,256 per kg. Since then, the price of the silver has gone down by Rs. 10,379 per kg.