Spot Gold Price saw a fall on Thursday. Just before the festive season, due to the pandemic due to the uncertainty in the global economy and rising unemployment, the price of the precious yellow metal is coming down. On Thursday, on the Multi-Commodity Exchange (MCX), gold has become cheaper by Rs 613 per 10 grams and comes to Rs 49,638. India ranks second in terms of gold consumption worldwide. The highest consumption of gold is in China. The futures market also recorded a decline in gold prices for October. It has fallen by 0.45 percent to Rs 49,293 per 10 grams. In the last four days, the price of gold has decreased by about Rs 2,500 per 10 grams.
Effect of strengthening dollar
Last month, the price of gold reached its highest level. Meanwhile, apart from the recent fall, most analysts and traders are still optimistic about the price of gold. At present, the impact of the US currency dollar is being seen on the price of gold. This week, the strength has been seen in the US currency.