In India, gold and silver saw a major dip in their price on Monday. The fall in price came after US Federal Reserve Chairman Jerome Powell indicated that the US Central banks are planning to cut their asset purchase this year. Meanwhile. on Multi-Commodity Exchange (MCX), the October gold contracts slumped to 0.20 per cent to Rs 47,441 for 10 grams at 0930 hours on August 30. The silver price on the MCX remains the same on Monday. On the other hand, the gold price rose to 0.02 per cent to Rs 64,050 on August 30.
Meanwhile, the Indian rupee on Friday jumped to over 10 weeks against the US dollar, this is the reason why the gold import in India has now become cheaper. The Gold p[ice in India includes 10.75% import duty and 3% GST.
What is the spot gold and silver price on Monday?
The spot gold price in India rose by 0.02 per cent at $1,819.71 per ounce. On the other hand, silver rose by 0.3 per cent to $24.07 per ounce. Talking about the gold and silver prices, currently, the gold in India is priced at Rs 47,489 per 10 gram on MCX, with a change of Rs 71.2. Whereas, the price of gold in the Indian spot market is at Rs 47,760.
It is stated that the gold and silver showed a rise on Friday trading session. In that, the yellow metal and silver commodity showed a rise of 0.63 per cent. However, recently gold and silver have started witnessing a decline in their price as it is the opportunity to create the bullions. Well, this surely means that this is the right time to buy some gold, according to traders.