New Delhi: Gold prices are on the rise, and on Wednesday (May 26) the rates of the shinning yellow jumped for the third straight session in the ongoing week. On Multi Commodity Exchange (MCX), Gold futures for June month are trading at Rs 500 higher to over Rs 49,000 per 10 gram.
Gold prices this week (May 24-26)
Day Gold (MCX June futures)
Monday: Rs 48553/10 grams
Tuesday: Rs 48867/10 grams
Wednesday: Rs 49050/10 grams (Currently trading)
Gold prices last week
Monday: Rs 48474/10 grams
Tuesday: Rs 48307/10 grams
Wednesday: Rs 48674/10 grams
Thursday: Rs 48544/10 grams
Friday: Rs 48404/10 grams
Gold still affordable by around Rs 7100 from the record high
In 2020, the Covid-19 pandemic had led to a public market crash. Stock prices hit their 52-week lows. As a result, many investors flocked to safer investment instruments such as gold and silver, leading to a surge in the demand for precious metals.
At one point in August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191. However, the gold is currently trading at around Rs 49,000 per 10 gram, which makes it Rs 7100 cheaper than record highs.
MCX Silver: Silver June futures are trading at over Rs 400 per Kg higher than yesterday’s rate at around Rs 72,500. The prices of silver have also surged in the recent past few days. However, the rates are still Rs 7,500 less than its record prices of Rs 79,980 per kg.