New Delhi: For those looking to buy gold at great prices, the current period seems to be a good opportunity to do so. Though gold prices opened little higher on MCX on Friday Thursday, the prices of the yellow metal are still nearly Rs 10,700 lower than the rates as compared to August.
On August 7, Gold price saw a record 16th straight session an all-time high of Rs 57,008 per 10 grams in the national capital. Silver too continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram. On February 26 (today), Gold futures for April delivery opened higher Rs 46340 per 10 gram as against its previous close of Rs 46,241 per 10 gram on MCX. Silver prices meanwhile soared above Rs 70,000 per 10Kg in MCX. Silver for March delivery opened at Rs 69,400 per kg as against its close of Rs 69,276 per kg.
As per industry body India Bullion and Jewellers Association (IBJA), this is the rate of gold and silver on February 26, 2021 as of 12.41 pm.
| 26 Feb 2021 | ||
|---|---|---|
| PURITY | AM | |
| Gold | 999 | 46151 |
| Gold | 995 | 45966 |
| Gold | 916 | 42274 |
| Gold | 750 | 34613 |
| Gold | 585 | 26998 |
| Silver | 999 | 68395 |
Source: ibjarates.com
Gold prices on Thursday declined by Rs 358 to Rs 45,959 per 10 grams in the national capital, amid selling in the international markets, according to HDFC Securities. The precious metal had closed at Rs 46,313 per 10 grams on Wednesday. Silver, on the other hand, rose by Rs 151 to Rs 69,159 per kg as compared with the previous close of Rs 69,008 per kg.
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Here is what experts say on Gold
Prof Arvind Sahay, Chairperson, India Gold Policy Centre@ IIM Ahmedabad told Zee Media, "Inflation is on the horizon even though central banks still seem to have an accomodative stance. If inflation does take off then gold prices should get some support. Other factors such as geo-political uncertainty (what is there is a confrontation over Taiwan), global macroeconomic factors (growth stalls), seem to have been discounted for the moment with a view of greater certatinty leading to lower prices for gold. If any of these change, we could see an uptick. Perceptions on crypto and the rolling out of central bank digital currencies also need to be watched. "
