Gold price today: Jewellery lovers can now rejoice as Gold prices fall in metro cities
US dollar index which is above 91, has also taken a hit. On a weekly basis, the yellow metal has plunged approximately 2 per cent.
Gold prices fell in Indian markets on Thursday after the US Fed Chair Jerome Powell failed to ease the bond market and as a result, the dollar became stronger. Gold futures for April delivery fell 0.3 per cent to Rs 44,500 per 10 grams and Silver futures for May were trading at Rs 65, 523 per kg, down 0.60 per cent.
MCX gold has seen a rapid fall due to rising 10-year bond yield which is currently at 1.45 per cent. US dollar index which is above 91, has also taken a hit. On a weekly basis, the yellow metal has plunged approximately 2 per cent.
In the aftermath of 2020, there was a 28.23 per cent rise in MCX, the yellow metal has been staggering under pressure in the middle of unpredictable equity markets and rising bond yields. From Rs 56,191 per 10 grams recorded in August 2020, it has plunged to Rs 11,330 or 20.16 per cent. While on a yeat-to-date basis, the gold has fallen to Rs 5,417 or 10.78 per cent.
Gold has been facing heavy pressure against the rising bond yields and the US dollar as it is getting stronger. Due to higher margins, the gold prices have declined in India below Rs 45,000 per 10 grams.
Now is the time to start investing, buying and accumulating gold as the prices are staggering low.