New Delhi: In the past few weeks, gold prices are on the rise. But on Thursday, gold prices nosedived and lost the 49,000 mark. On Multi Commodity Exchange (MCX), gold futures for June month are trading at Rs 400 lower at around Rs 48780 per 10 gram.
Gold prices this week (May 24-27)
Day Gold (MCX June futures)
Monday: Rs 48553/10 grams
Tuesday: Rs 48867/10 grams
Wednesday: Rs 48784/10 grams
Thursday: Rs 48780/10 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 cheaper by Rs 7400 from record highs
Covid-19 pandemic fueled stock market crash last year catapulted investors to safer investment options such as precious metals. May stocks had hit their 52-week lows at that time. As a result, the prices of precious metals touched newer highs.
For instance, gold futures at that time were trading at Rs 56,191 per 10 grams. However, with stock markets regaining the trust and focus of investors, gold prices nosedives. Currently, gold is trading at around 28,750 per 10 grams, which is Rs 7500 lower than its record high.
MCX Silver: Silver June futures plummeted yesterday and closed at Rs 71,390 per Kg. Even today (May 27) silver futures are trading a low rates than yesterday. Currently, silver futures for the June month are trading at Rs 71,300 per Kg. The rates are still Rs 8,680 less than its record prices of Rs 79,980 per kg.