New Delhi: There is good news for gold buyers in India today as gold prices have fallen above Rs 2,000 per 10 grams following a sharp decline in global prices. On the Indian Commodity Exchange (MCX), gold futures in February were down more than 4 percent. It was trading at around Rs 48,000 per 10 grams, a decline of Rs 2,000. Also read – Is KYC mandatory for buying silver with gold, silver jewelry? Read what the Govt says
The fall in gold prices is a global surprise as global markets took notice of the developments in the U.S., where Joe Biden is poised to become President in less than two weeks. Also read – Gold price to continue shining in the new year after a good run in 2020
In global markets, spot gold fell nearly 4 percent to $ 1,833.83 an ounce with a spike in U.S. Treasury yields and a strong dollar that spoiled the appeal of savings metal. A stronger dollar puts pressure on bullion and makes it more expensive to hold on to other currencies.
Here are the latest gold prices for corporate purchases in India as they were on Saturday in the cities of Delhi, Mumbai and Bengaluru:
| City | 22 karat gold (per 10 gm) | 24 karat gold (per 10 gm) |
| Delhi | Rs 49,650 | Rs 54,160 |
| Mumbai | Rs 49,820 | Rs 50,820 |
| Kolkata | Rs 50190 | Rs 52,890 |
| Chennai | Rs 47,920 | Rs 52,270 |
| Bengaluru | Rs 47,500 | Rs 51,800 |
At the same time, cash futures were thinning at Rs 6,100 or 8.8 per cent to Rs 63,650 per kg.
On Friday, gold prices fell Rs 614 to Rs 49,763 per 10 grams in the national capital, following a weak global movement.
Silver prices also fell Rs 1,609 to Rs 67,518 per kilogram from Rs 69,127 per kilogram in the previous trade.
In the international market, gold traded lower at USD 1,889 per ounce, while silver was trading flat at USD 26.68 per ounce.