New Delhi: Gold prices had been indicating signs of recovery, with rates correcting from 9-month lows, although gold future prices as on today’s (Friday) level are cheaper by Rs 5300 per 10 grams, as compared to 2 months ago.
Earlier this week, the gold futures for April delivery on MCX closed at Rs 44,218 per 10 grams, but it returned strong after that, on the last day of the trading week, falling today (Friday). On weekly basis, gold moving at a lower range between Rs 44,700 and Rs 44880. At the beginning of the year 2021, gold was trading above Rs 50,000 per 10 grams, as compared to April futures of gold which is at Rs 44,700, making gold cheaper by Rs 5300 per 10 grams in just 2 months.
On Thursday, gold futures on MCX closed at a very marginal rise. Gold on MCX started above Rs 45,000 per 10 grams, but as trading progressed, some weakness was seen. In the last hour, gold slipped below 45,000 and closed at almost the same level.
Gold’s position this week (MCX April Futures)
Monday: Rs 44218/10 grams
Tuesday: Rs 44857/10 grams
Wednesday: Rs 44792/10 grams
Thursday: Rs 44879/10 grams
Friday: Rs 44713/10 gram (trading in progress)
Gold’s position last week (MCX April Futures)
Monday: Rs 45308/10 grams
Tuesday: Rs 45548/10 grams
Wednesday: Rs 44948/10 grams
Thursday: Rs 44541/10 grams
Friday: Rs 44683/10 grams
Investors however continue to be bullish on gold ETFs. Investors pumped Rs 491 crore in gold exchange traded funds (ETFs) in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty.
This came following a net investment of Rs 625 crore in January and Rs 431 crore in December. Prior to this, gold ETFs had seen an outflow of Rs 141 crore in November, data available with Association of Mutual Funds in India showed.