After the sell-off seen in the previous session, the price of gold rose on Thursday. Silver also registered a jump. On Wednesday, gold price fell over 2 percent on a sharp rise in the US dollar.
Physical gold dealers in India offered heavy discounts last week as demand remained weak. Further, due to an increase in tax on the import of gold, the price will be further affected.
Gold futures on MCX was trading 0.19 percent or Rs 98 higher at Rs 51,400 per 10 grams. Similarly, silver futures were trading marginally higher by 0.10 percent or Rs 56 at Rs 56,921 per kg.
According to the Indian Bullion and Jewelers Association, gold of the highest purity was sold at Rs 52,304 per 10 grams while silver was sold at Rs 58,153 per kg in the spot market on Wednesday. The dollar index, which reflects the US dollar’s position against the six major currencies, fell 0.08 percent to 106.45 today.
The price of gold and silver became cheaper in the global market. Gold fell 2.09 percent to $ 1764. Silver was down 2.78 percent at $ 19.12.
Brent crude fell sharply on fears of a recession. Its price fell by about 10 percent to near $ 102 per barrel. India’s 10-Year Bond Yield declined 8bps to 7.31 percent due to a fall in crude.
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