Gold price drops today, gets cheaper by Rs 8600

The price of Gold in India saw a huge drop on Wednesday, a day ahead of Diwali. The yellow metal price has been hovering in Rs 47000- zone for the last few weeks. On the Multi-Commodity Exchange, December gold price fell 0.23 percent to Rs 47514 for 10 grams at 0915 hours on 3rd November. The price of Silver was also in the red zone on Wednesday. Silver price dropped 0.03 percent to Rs 63207 on 3rd November.

In the international market, Gold prices edged lower on Wednesday. All the eyes were on the results of the US Federal Reserve policy meeting scheduled on 3rd November. Spot gold fell to 0.2 percent to $1784 per ounce by 0138 GMT while US gold futures dropped 0.2 percent to $1785.30 according to Reuters. The Fed is expected to declare its stimulus tapering timeline on 3rd November, the analysts said.