Fall in gold prices continues for fifth day

The global markets are also witnessing decline in the prices of gold on the back of a stronger dollar.

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.

The gold was kept in safes and vaults of the Surana Corporation under the CBI’s lock and seal. (HT Photo)

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.

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.