Today's Gold Price Delhi, October 19: Gold, Silver Prices Witness Decline Amid Weak Global Trends

Gold prices fell by Rs 276 to Rs 50,471 per 10 grams in the national capital on Wednesday due to weak global trends, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 50,747 per 10 grams.
Silver also declined Rs 487 to Rs 56,406 per kg from Rs 56,893 per kg, according to a PTI report.

In the international market, gold was quoted lower at USD 1,643.5 per ounce while silver was down at USD 18.62 per ounce, added the PTI report.

"Spot COMEX gold traded slightly lower as investors assessed mixed signals, including rising treasury yields and more hawkish commentary from the policymakers," said Dilip Parmar, Research Analyst at HDFC Securities.

What Is Gold Monetisation Scheme And Who Is Eligible To Make Deposit?
GMS, which modifies the existing 'Gold Deposit Scheme' (GDS) and 'Gold Metal Loan Scheme (GML) seeks to mobilise gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to bring down country's reliance on the import of gold.

Are banks required to obtain RBI approval to participate in the Gold Monetisation Scheme, 2015?
Response: No. However, banks should submit to RBI the implementation details including names of the Collection and Purity Testing Centres (CPTCs) and refiners with whom they have entered into tripartite agreement and the branches operating the scheme. Banks should also report the amount of gold mobilised under the scheme by all branches in a consolidated manner on a monthly basis in the prescribed format, according to RBI official website.

Who is eligible to make a deposit?
Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government], as per Reserve Bank of India website.