Mumbai, September 2: Gold and silver prices edged lower today in Indian markets in the middle of muted global cues and a strong rupee. On MCX, October gold futures fell to Rs 51,320 per 10 gram while silver futures slumped to Rs 70,000 per kg, according to Livemint report. Gold rate has been extremely volatile since prices hit a record high of Rs 56,200 in early August.

The dollar to rupee conversion has been constant since Tuesday and any fluctuation in the gold rate would suggest no relation with the dollar value.

Global spot prices continued to fall as per the current close with a value of $1964.5 per Troy ounce. According to Good Returns report, the price of a 10-gram 24-carat gold in Mumbai was at Rs 50,540. Customers in Delhi, on the other hand, had to pay Rs 54,600 for a 10-gram 24-carat gold on Wednesday.

According to a Business Standard report, India's gold imports in August nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and as jewellers restocked after New Delhi eased lockdown norms.

(The above story first appeared on LatestLY on Sep 02, 2020 03:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).