New Delhi: Gold prices on Tuesday fell by Rs 26 to Rs 47,891 per 10 grams in the local futures market as speculators reduced their positions amid strong spot demand.
Gold prices also fell on MCX
On the Multi Commodity Exchange, gold for delivery in February fell by Rs 26, or 0.05 per cent, to Rs 47,891 per 10 grams.
It had a business turnover of 5,855 lots. Market analysts said offloading of positions by participants led to a fall in gold futures prices.
Globally, gold fell by 0.28 per cent to USD 1,811.40 an ounce in New York.
Record fall in gold prices
There was a sharp fall in the price of gold on Tuesday. Earlier, in the month of August 2020, the price of gold had reached its all-time high rate.
In August, 2020, the price of gold was Rs 55,400 per ten grams. If we compare the current price of gold with its all-time high rate, then a fall of more than Rs 7,500 per ten grams has been recorded.
