Gold prices fell in India on Thursday, according to data from India 's Multi Commodity Exchange . Gold price stood at 71,290 India n Rupees per 10 grams, down INR 487 compared with the INR 71,777 it cost on Wednesday. As for futures contracts, Gold prices increased to INR 70,758 per 10 gms from INR 70,725 per 10 gms. Prices for Silver futures contracts decreased to INR 81,070 per kg from INR 81,227 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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