The Gold and silver prices in India today fell after a strong hike in the previous session.According to the Multi Commodity Exchange (MCX), the gold futures have fallen by 0.12 percent to Rs 47,200 per 10 gram.This is the fifth fall in the last 6 days. On the other hand, the Silver futures fell by 0.2 percent lower to Rs 68,593 per kg.In the previous session, the gold prices in India had increased by 1.2 percent while silver had surged by 2.8 percent. The Gold rates have been fluctuating this year after hitting a record high of Rs 56,200 in August last year.The gold rates across the globe have swung wildly this year in the wake of the movement of US bond yields and the dollar. Likewise, the import duty cut by the Indian government in budget 2021 has affected the domestic gold price.
Following the decision to cut in import duty, the domestic gold prices witnessed a downfall while the gold internationally declined due to a hike in the dollar index and higher US yield, a report said.
In global markets, the gold remained at $1,811.80 an ounce. On February 5, the gold price in India returned to close at Rs 47,256 on the strength of Rs 550 per 10 gram.