New Delhi: Gold prices are falling after hitting record highs last year. In June 2021, gold shed Rs 2670 to end the month at a per 10-gram price below Rs 47,000. Gold futures for August, however, gained Rs 284 on Wednesday (June 30). But today (July 1), gold futures are trading flat on Multi Commodity Exchange (MCX). This could be a golden opportunity for many buyers looking to invest in the yellow shining metal as gold prices have plummeted a lot from May.
At present, Gold futures are trading above Rs 46,900 per 10 grams. Early this week, gold was trading above Rs 47,000. But since Tuesday, the yellow metal has failed to cross the Rs 47,000 mark.
Gold moves this week (June 28 - July 2)
Day Gold (MCX August Futures)
Monday Rs 47008/10 grams
Tuesday Rs 46555/10 grams
Wednesday Rs 46839/10 grams
Thursday Rs 46960/10 grams (Ongoing trading)
Last week gold movement (June 21-25)
Day Gold (MCX August Futures)
Monday Rs 47074/10 grams
Tuesday Rs 47011/10 grams
Wednesday Rs 47072/10 grams
Thursday Rs 46870/10 grams
Friday Rs 46925/10 grams
Gold cheaper by about Rs 9300 from the highest level
In 2020, gold prices were at their highest levels, courtesy of the stock market fall that saw investors flocking to invest in safer instruments such as precious metals. In August 2020, the per 10-gram price of gold touched its highest level at Rs 56191.
However, since then, gold prices have been falling in the past few months. At present, gold is trading at around Rs 46900 per 10 grams, which means that the yellow metal is trading cheaper by Rs 9300 when compared to record highs. Also Read: Good news for Maruti Suzuki car owners! Free service, warranty timelines extended
Meanwhile, trading of Silver September futures has also started from July 1. Yesterday, the July futures of silver closed with a gain of Rs 900. Also Read: Sensex drops 164 pts, Nifty slips below 15,700
