New Delhi: Gold prices are trading in a higher range today, although the rates of the yellow metal is still cheaper by as compared to the last two weeks.
Gold contracts for the October delivery opened at Rs 47,235 per 10 gram as against its clos of Rs 47,225. At 1.51 pm gold was trading at Rs 47,421 per 10 gram. So far in the year, gold prices have crashed by more than Rs 4,000 thus making the yellow metal still a lucrative instrument for investment.
Gold still cheaper by nearly Rs 8,770 from record highs
Last year, due to the Corona crisis, people had invested heavily in gold. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191. Last year, gold gave a return of 43%. If compared to the highest level, gold has declined by 25 percent. At late morning trade, gold was at the level of Rs 47,421 per 10 grams on MCX, which is still cheaper by Rs 8,770.
Gold movement for August 09-13 (MCX October Futures)
Monday: Rs 45886/10 grams
Tuesday: Rs 45962/10 grams
Wednesday: Rs 46388/10 grams
Thursday: Rs 46363/10 grams
Friday: Rs 46940/10 grams
International Gold prices extended its recovery on Monday buoyed by a pullback in US Treasury yields and some safe-haven buying spurred by COVID-19 related concerns, with investors looking for more direction from the Federal Reserve on monetary policy.
In Delhi, gold prices declined by Rs 42 to Rs 45,960 per 10 gram in the national capital on Monday in line with weak global trends. In the previous trade, the precious metal had closed at Rs 46,002 per 10 gram. Silver plunged by Rs 505 to Rs 61,469 per kg from Rs 61,974 per kg in the previous trade.