Gold, silver prices continue to decline; Here's why

In Sarafa Bazar on Thursday, gold price fell by Rs 53 to Rs 39,007 per 10 grams. Silver prices also declined marginally by Rs 20 to Rs 45,830 per kg, while it closed at Rs 45,850 a kg on Wednesday. 

Gold, silver prices continue to decline; Here's why

Gold-silver prices continue to decline. In Sarafa Bazar on Thursday (November 21), gold price fell by Rs 53 to Rs 39,007 per 10 grams. Silver prices also declined marginally by Rs 20 to Rs 45,830 per kg, while it closed at Rs 45,850 a kg on Wednesday. Along with Sarafa Bazar, Gold rate also fell by Rs 47 to Rs 38,108 per ten gram in futures trading today. 

Gold futures on MCX (Multi Commodity Exchange of India) were trading marginally higher at Rs 38,165 per 10 grams in the morning trade. The yellow metal has been above the Rs 38,000-mark for some time now, reflecting global prices. 

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The US-China trade dispute has been the deciding factor of movement in the yellow metal's pricing since past one year. In 2019, gold prices have risen by 14 per cent as traders seek refuge in the safe-haven metal in the wake of economic and political uncertainties.

In India, gold futures hit their new all-time high of Rs 39,885 in the first week of September, after US President Trump imposed new tariffs on Chinese imports.

On Wednesday, prices of gold and silver fell drastically. Gold prices fell by Rs 150 to Rs 39,470 per 10 grams due to low demand from jewelers in the Delhi's Sarfa market amid the rise in yellow metal overseas. The price of silver also slipped by Rs 20 to Rs 46,250 per kg.

Meanwhile, Spot gold was little changed at $1,471.02 per ounce by 0458 GMT, while US gold futures were down 0.2% at $1,471.20.