Gold and silver prices have been witnessing a decline in the month of January. The prices of the bullion fell again on Thursday, with gold futures on the Multi commodity index (MCX) plummeting 0.17 per cent or ₹83 to ₹48,782 per 10 gram. Silver futures on the MCX fell 0.29 per cent or ₹192 to ₹66,344 per kg. This is the fifth day of straight decline in the prices of precious metals, as reported by Mint.
Gold rates have fallen more than ₹7,500 from their August prices of ₹56,300 per 10 gm. In the previous trade, the bullion had plummeted 0.11 per cent with silver falling 0.64 per cent.
Also Read | India's gold demand down 35% in 2020; rebound in 2021 likely
The global markets are also witnessing decline in the prices of gold on the back of a stronger dollar. For gold, this was the worst start of the year in a decade. Gold has lost over 3 per cent this month, which is the worst performance in January since 2011, as reported by Bloomberg.