Gold and silver prices declined in India today on weak global cues. On MCX, gold futures fell 0.2% to Rs 49,020 per 10 grams, while silver fell 0.5% to Rs 71,507 per kg. In the previous session, gold closed flat while silver jumped 0.9%. Analysts say that gold reached Rs 48020 on MCX while silver reached Rs 68200. Gold hit a 5-month high of Rs 49,750 last week and has since been struggling amid weak global cues.
Gold has fallen from its August 2020 high of Rs 56,200 per 10 grams to Rs 11,500, as investors are moving away from the yellow metal to invest in risky assets such as bitcoins, stocks and bonds.