Why did Gold Price Fall Rs 1000 in a day in MCX?

Gold price in India is swinging at higher differences. Yesterday’s sharp decline up to Rs 1000 worried in the yellow metal investors. Global sentiments in the market contributed to the fall of gold and silver rates in India. The impressive recovery in the US job market and the calm down in China and US escalation might have driven the sellers to clear their gold stocks.

Gold futures are down 2% is approximately Rs 1000 settling the price to Rs 45732 in MCX. It is almost similar to Silver which fell 3% that is about Rs 1500 bringing the silver price in India to Rs 47337 per kg.

Gold prices in India have reached to the new levels in April 2020, recording 7 years high in the jittery market. As the things are calming now the investors are flocking towards the stock markets. The weak dollar value in the International market and several other factors triggered less demand for the gold.

Many forecasting agencies are betting on gold with a focus on 2021. An ounce gold is estimated to touch $1800 according to the analysts.