The price of gold in India remains close to the lowest position of 6 months because MCX Futures dropped 0.16% to ₹ 49,231 per 10 grams. Silver Futures dropped 0.4% to ₹ 56,194 per kg. On Thursday, Gold had fallen 1.4% while 1% silver in the Indian market, tracking global selling actions in valuable markets. Gold dropped around ₹ 1,500 so far this week, from the highest Monday. Gold is an international commodity, and is valued in the US dollar. So, the movement of yellow metal prices in India is closely related to greenback and import duties.Last night, the Indian government reduced the price of basic gold imports and some edible oil.

In the global market, yellow metal struggles to close to two years in the midst of an increase in US dollars and the prospect of an aggressive increase in the US level. The gold spot is $ 1,664.48 per ounce and has dropped 3% this week. The results of dollar bonds and US companies reduce the attractiveness of yellow metals. Greenback which is stronger makes gold expensive for foreign buyers. Although gold is considered as a hedge for inflation in interest rates increases the cost of opportunities to hold assets that do not produce.

Among other precious metals, silver spots dropped 0.7% to $ 19.01 per ounce.Despite the decline in the new price, the ETF gold entrance flow is still being muted. Ownership of SPDR Gold Trust, the funds traded on the largest gold supported exchange in the world, rose 0.15% to 962.01 tons on Thursday from 960.56 tons on Wednesday.

Applications for US unemployment insurance down during the fifth week in a row, and while retail sales suddenly rose in August, the previous number of months was revised sharply. These reports appeared in the heel of the consumer price index and US producers earlier this week which showed inflationary pressure in the economy.

The US federal reserve is increasingly expected to apply an increase in interest rates at least 75 basis points next week. Higher rates tend to burden unattractive bullions.

considering the price of gold is a concern about consumer demand because restrictions related to viruses hamper economic activities in China. Gold can remain unstable because market players react to economic figures and central bank comments but general bias may be on the negative side that Fed can continue with an aggressive increase, “said Securities Box in a note.