Gold prices in India edged lower today, tracking a drop in global rates. On MCX, October gold futures fell 0.04% to ₹52,207 per 10 gram. Silver futures however edged 0.35% higher to ₹67403 per kg.
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Why Central Banks Care About Gold
Max Castelli, head of global strategy at UBS Asset Management’s Global Sovereign Markets team, said: “Increasing exposure of central banks to hold more gold is a long-term trend which started a few years ago. There are multiple drivers supporting this trend and price is certainly one of them.”