After days of gaining price and momentum, the Gold prices fell for the second consecutive day in Indian markets with gold futures moving lower by 0.2% to ₹49,122 per 10 gram.
Yesterday, in the previous session, the gold price had declined by 0.3%. On the other hand, Silver futures on MCX which were gaining momentum and increasing, today were also weak, the silver prices were seen falling by 0.8% to ₹66,150 per kg.
The Gold prices in India have struggled for more than a week, the price has been seeking stability but hasn’t yet reached that point. Keeping track of the global news, we can see the stability of the precious metal hasn’t been achieved yet due to global problems.
Talking about the international markets, in the United Nations, the gold prices moved higher as the US President-elect Joe Biden unveiled a $1.9 trillion stimulus package proposal. Due to this the Spot gold price rose by 0.2% to $1,850.36 per ounce. Among other precious metals, silver rose 0.5% to $25.65 an ounce while platinum became stable to $1,116.