After hitting a record high of Rs.56,000 last week, Gold prices in India have been volatile. Silver has also been on a wild ride. In global markets, gold prices were flat yesterday at 1952/ounce, fallen 4% so far this week.
Further, gold and silver prices fell sharply in Indian markets, tracking muted global rates. Even on MCX, October gold futures fell 0.65% to Rs.52596/ 10 gm. While September futures dropped 1% to Rs.70,345/kg. People who had planned profits coming, due to a recent rise in the prices of gold and silver, faced humongous losses in a day.
Investors booked profit after Russia approves a covid virus vaccine on Tuesday.