Gold prices fell in India on Monday, according to data from India's Multi Commodity Exchange . Gold price stood at 72,209 Indian Rupees per 10 grams, down INR 509 compared with the INR 72,718 it cost on Friday. As for futures contracts, Gold prices decreased to INR 72,046 per 10 gms from INR 72,727 per 10 gms. Prices for Silver futures contracts decreased to INR 84,480 per kg from INR 84,791 per kg.
Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency.
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