At 1:10 pm today, the Multi Commodity Exchange (MCX) announced the Gold price as ₹ 51,134 / 10 grams. The rate is down by 0.4 % or ₹ 219 from its previously quoted rate as ₹ 51353 / 10 grams. This is the fourth fall in five days.
Gold prices have been unstable since last month after hitting record highs of ₹ 56,200. From those levels, gold is now down about ₹ 5,000.
Silver too has seen a sharp correction after coming close to ₹80,000 per kg level last month. Silver futures on MCX declined 0.75% to ₹67,982 per kg.
The gold/silver ratio currently stands at 79.09 to 1, which means the amount of silver required to buy one ounce of gold.
In global markets, gold rates were flat today.
A rise in the US dollar made the yellow metal valued for those dealing in other currencies. The US dollar rose to a near one-month high against six other currencies as the pound dropped to a six-week low on renewed worries about Brexit.
Gold has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets. Central banks around the world, including the US central bank, have rolled out huge stimulus measures and shed interest rates near zero to lessen the impact of COVID-19 on the global economy.
