On Wednesday, the price of gold fell for the second consecutive day in the national capital. According to HDFC Securities, today gold fell by Rs 631 to Rs 51,367 per 10 grams. Talking about silver, today silver also declined. It was reduced by Rs 1,681 to Rs 62,158 per kg.
In the international market, gold traded at a marginal profit at $ 1,896 an ounce, while silver remained flat at $ 24.16 an ounce. Meanwhile, the rupee closed up at 73.31, a rise of four paise against the US dollar.
On Tuesday, gold had lost Rs 133 to close at Rs 51,989 per 10 grams and silver had fallen by Rs 875 to Rs 63,860 per kg. In the international market, gold was soft at $ 1,919 an ounce and silver was almost at the previous level at $ 24.89 an ounce. At the same time, the rupee had lost seven paise to close at 73.35 per dollar in the interbank foreign exchange market.
The Reserve Bank of India (RBI) has fixed the issue price of gold bonds at Rs 5,051 per gram. The series of Sovereign Gold Bond Scheme 2020-21 – will be open from October 12 to October 16 for seven subscriptions. RBI said in a statement, “The value of the bond is Rs. 5,051 per gram based on the average closing price of 999 purity gold for the last three trading days of the previous week from the subscription period”.
In India, gold prices have risen by 29 per cent this year in line with global levels. Analysts expect the fall in the price of gold based on the appreciation in the US dollar and general market risk perception. Analysts expect the demand for gold in India to increase in the festive season. Gold is affected by widespread stimulus measures as it is widely seen as a hedge against inflation and currency depreciation.