New Delhi: October futures of gold on Thursday (August 5) on Multi Commodity Exchange (MCX) were trading with a slight fall at around Rs 47,800 per 10 grams in a highly volatile session. The high volatility on the bullion exchange was also witnessed yesterday, when the trading for the October futures of gold closed at around Rs 47,766 per 10 grams, with an intraday high of Rs 48358.
However, experts are expecting gold prices to pick up the pace, especially with the festive season coming in a few months. This could be an impressive opportunity for investors to inject a dose of gold into their portfolios.
Gold moves this week (August 02-06)
Day Gold (MCX October Futures)
Monday Rs 48086/10 grams
Tuesday Rs 47864/10 grams
Wednesday Rs 47892/10 grams
Thursday Rs 47845/10 grams (trade ongoing)
Gold movement last week (July 26-30)
Day Gold (MCX August Futures)
Monday Rs 47461/10 grams
Tuesday Rs 47573/10 grams
Wednesday Rs 47577/10 grams
Thursday Rs 48281/10 grams
Friday Rs 48001/10 grams
Gold trading cheaper by about Rs 8400 from the record highs
In 2020, the COVID-19 crisis fueled economic downturn proved catastrophic for public markets in the early months of lockdown. With the fall of stock markets, investors heavily put their money on safer investments such as gold and silver.
As a result, gold prices hit record highs in the month of August 2020, when the price of 10 grams of gold stood at Rs 56,191. In comparison, gold is currently selling at around Rs 47800 per 10 grams on MCX — about Rs 8400 cheaper from record highs.