Gold prices in India further dropped on Thursday settling at Rs 44,360 per 10 grams for 22 carats, the lowest in 10 months. This is Rs 11,840 lower than the record high of Rs 56,200 in August last year. Thursday’s price was Rs 10 lower than Wednesday’s closing  when it stood at Rs 44,370.

The Gold Futures on the other hand fell
by around Rs 158 on Thursday minutes after the markets opened after falling by
Rs 577 or 1.27% on Wednesday.

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Meanwhile,
the price of silver, which closed at the highest on August 7 last year at Rs
77,840 per kg, has gone down to Rs 66,500 on Thursday going down by Rs 1,400.

According
to expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at
Angel Broking this fall is almost 9.2% depreciation in the last two months. Silver
on the other hand held its ground, falling by just over Rs 100 or 0.15% since
the beginning of this year, reported Zee Business.

As far
as the cause behind the steep dive is concerned, the Gold prices in India are directly
impacted by the price and dollar getting strengthened against other major
currencies is what brought down the prices to its lowest in the past months, according
to Surendra Mehta of India Bullion and Jewellers Association (IBJA).

MCX
(Multi Commodity Exchange of India) ratings on Thursday

MCX
gold futures for April delivery were trading Rs 180, which is 0.40 % lower at
Rs 44,768 per 10 grams. Silver futures for May delivery were quoting at Rs
67,473 per kg, down Rs 527 or 0.78%