Gold prices fell in India on Friday, according to data from India 's Multi Commodity Exchange . Gold price stood at 73,161 India n Rupees per 10 grams, down INR 51 compared with the INR 73,212 it cost on Thursday. As for futures contracts, Gold prices decreased to INR 72,912 per 10 gms from INR 72,980 per 10 gms. Prices for Silver futures contracts increased to INR 87,575 per kg from INR 87,300 per kg.
Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. 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.
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