Gold prices have been falling for quite some time and this time, and now this is the fourth day in a row on Thursday after the government cut the customs duty on the metal in the Budget. Gold futures on Multi Commodity Exchange (MCX) skidded by Rs 2,000 per 10 grams in four days to Rs 47,400. Silver prices also fell by more than Rs 6,500 since the Budget to Rs 67,840 per kilogram.
In four days, gold has lost nearly Rs 2000 per 10 gram amid a slide in global rates and import duty cut announced in Budget 2021. Silver futures on MCX on Thursday declined 1% to Rs 67,848 per kg. The yellow metal for April delivery eased by Rs 461, or 0.96 per cent, to Rs 47,355 per 10 gram in 13,643 lots.
Spot gold was 2.3% lower at $1,790.92 per ounce by 10:44 a.m EST (1544 GMT), after touching a more than the two-month low of $1,784.76. U.S. gold futures slipped 2.5% to $1,788.80.
Silver was caught in the slipstream, losing 2.6% to $26.16. Gold futures slipped 0.86 per cent to Rs 47,340 per 10 gram, as participants offloaded their holdings on low spot demand.
US President Joe Biden on Wednesday pledged not to reduce the cash handout included in his $1.9 trillion stimulus proposal but in a bid to get bipartisan support for the package, he did say he was willing to narrow the parameters for qualification.