Gold Price Today, 02 June 2021: Gold rises, but still cheaper by Rs 6700 from record highs, right to invest?


New Delhi: In the futures market, gold is now very close to reclaiming the Rs 50,000 mark. But on Wednesday (May 26), there is a slight slowdown in the bullion market. 

Silver prices are also increasing day by day. On the Multi Commodity Exchange (MCX), silver futures today slipped below Rs 72 thousand, indicating a slight fall in the prices of precious metals in the bullion market.

On Tuesday (June 1), gold June futures closed above Rs 49,000 per 10 grams after several days. As a result, August futures of gold are showing slight strength. Gold August futures are trading near Rs 49,500.

Gold rates this week

Day             Gold (MCX June Futures)

Monday         48821/10 grams

Tuesday         48995/10 grams

Wednesday    49499/10 grams (August futures, trading continues)

Last week’s gold move

Day                      Gold (MCX June Futures)

Monday               48553/10 grams

Tuesday                48867/10 grams

Wednesday           48784/10 grams

Thursday              48581/10 grams

Friday                  48542/10 grams

Gold cheaper by about Rs 6700 from the highest level

In the month of May 2021, gold futures turned expensive by Rs 1500 per 10 grams. Despite the sharp rise in the prices, gold is still trading Rs 6700 cheaper from record levels attained last year in August.  

In 2020, investors invested heavily in gold, which fueled the yellow metal’s rally to a record high of Rs 56191. Overall, in 2020, gold gave a return of 43%. If compared with the highest level, then gold has broken up by around 25%, as gold August futures are currently at the level of Rs 49500 per 10 grams on MCX. 

MCX Silver: On Tuesday (June 1), silver closed at around Rs 72,300 with a strength of about Rs 400, but today silver futures have lost all the gains. Silver futures are seen trading with a weakness of Rs 350 per kg. Prices have slipped below Rs 72,000.

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