Mumbai, August 20: Gold and silver rates continued to decline on Thursday. On MCX, October gold futures were down Rs 300 to Rs 52,320 per 10 gram. Silver futures were also down 0.8 percent to Rs 67,440 per kg, according to a Livemint report.

Talking about the global gold rates, it moved higher today. Spot gold rose by 1.01 percent to $1,950 Gold per Troy ounce. This price level is reportedly 0.37 percent lower than average gold price observed in the past 30 days.

Gold and silver plunged on August 19 after a sharp rebound in the US dollar index. US bond yields also recovered and triggered selling in both the precious metals.

The price of a 10-gram 24-carat gold in Mumbai is at Rs 52,990. On the other hand, people in Kolkata will be able to buy a 10-gram 24-carat gold for Rs 55,250. The price of a 10-gram 24-carat gold in Chennai, on the other hand, was at Rs 56,250 on Thursday.

The dollar to rupee conversion today increased to Rs 75 as compared to the previous close of Rs 74.8. The price of gold depends on a lot of external factors, like the rise of the dollar against rupee might influence gold's rate today.

(The above story first appeared on LatestLY on Aug 20, 2020 02:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).