Gold prices have been falling for quite some time and this time, and now this is the fourth day in a row on Thursday after the government cut the customs duty on the metal in the Budget. Gold futures on Multi Commodity Exchange (MCX) skidded by Rs 2,000 per 10 grams in four days to Rs 47,400. Silver prices also fell by more than Rs 6,500 since the Budget to Rs 67,840 per kilogram. In four days, gold has lost nearly Rs 2000 per 10 gram amid a slide in global rates and import duty cut announced in Budget 2021. Silver futures on MCX on Thursday declined 1% to Rs 67,848 per kg. The yellow metal for April delivery eased by Rs 461, or 0.96 per cent, to Rs 47,355 per 10 gram in 13,643 lots. Globally, gold dropped more than 2% on Thursday to break below the key psychological $1,800 level as a jump in the dollar and US Treasury yields eroded bullion`s appeal. Spot gold was 2.3% lower at $1,790.92 per ounce by 10:44 a.m EST (1544 GMT), after touching a more than the two-month low of $1,784.76. U.S. gold futures slipped 2.5% to $1,788.80. Silver was caught… Read full this story
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