Ahead of a crucial Federal Reserve decision, investors fear that the decision will result in a faster-than-expected tapering of the central bank's pandemic stimulus measures.
Why gold prices are falling
The rise in US dollar and treasury yields, following positive comments from a US Federal Reserve official, and upbeat manufacturing data in the country also contributed to the slide in gold prices.
BusinessToday.In | February 17, 2021 | Updated 16:06 IST
The announcement of cut in customs duty on gold in the Union Budget, coupled with other factors, has brought the price of the precious metal to the lowest level in about eight months.
Continuing the downward slide, gold prices fell for the fifth day in India on Wednesday. On the Multi Commodity Exchange (MCX), gold futures for April contracts were trading 0.69 per cent lower at Rs 46,575 per 10 gram, while silver contracts for March were trading 0.97 per cent lower at Rs 68,700 per kg.
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