Gold became cheaper because of this country, prices fell so much in one day | Live Updates, Unveiling the Latest India News Trends

Gold and silver have been the favorites of investors for the last few months. Central banks around the world were also buying gold in large quantities due to many apprehensions. China was leading in this. It was constantly increasing its gold reserves. Due to which the price of the yellow metal got wings and is flying high. But now China has surprised everyone and has stopped buying gold. Due to this, the price of gold fell by more than 2 percent in the international market on Friday.

Gold prices fall on MCX exchange

Analysts attributed the decline to higher-than-expected employment growth in the US and a shift in China's role as a major buyer. According to the report, benchmark gold futures were trading down 2.43 per cent at $2,332.85 an ounce. According to the global rate, there was no change in the price of gold on India's MCX exchange as well. A decline of more than 2 per cent has been seen. It was trading around Rs 73,131 per 10 grams.

China's central bank stopped buying gold in May

According to media reports, China's central bank stopped buying gold for its gold reserves in May. China was buying gold continuously for 18 months. Due to which the spot price of gold reached a record high. The price of gold, which is considered a safe option for investment, has fallen after a tremendous jump. However, so far this year, gold prices have increased by about 15 percent.

Gold may give higher returns than World Gold Council estimates

The demand for gold has been there for a long time. This is the reason why its prices reach record highs from time to time. Due to the ongoing conflict around the world, the yellow metal has reached record highs due to the continuous purchases of central banks of various countries and the demand of investors. Apart from this, gold is a difficult thing to obtain. There is always a difference between its demand and supply. Due to which the prices of gold are constantly increasing instead of decreasing. It is believed that in 2024, gold may return stronger than the World Gold Council estimates.