New Delhi: Gold futures market has been on the downward slide since the last few days. Silver too has also declined in the last couple of weeks.
Gold prices fell by Rs 352 to Rs 46,951 per 10 gram in futures trade on Wednesday as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 352, or 0.74 per cent, at Rs 46,951 per 10 gram in a business turnover of 10,849 lots. Analysts attributed the fall in gold prices to trimming of positions by participants, quoted PTI.
In the international market, Gold, which is often seen as a hedge against inflation, fell 0.28% to $1,771.70 in cautious trade ahead of the Fed meeting.
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 47,393/10 grams
Tuesday: Rs 47,857/10 grams
Wednesday: Rs 48,228/10 grams
Thursday: Rs 47,772/10 grams
Friday: Rs 47,532/10 grams
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 46,419/10 g
Tuesday: Rs 46,975/10 grams
Wednesday: Rs 46,608/10 grams
Thursday: Rs 47,175/10 grams
Friday: Rs 47,353/10 grams
Gold range (week of 5-9 April)
Monday: Rs 44,598/10 grams
Tuesday: Rs 45,919/10 grams
Wednesday: Rs 46,362/10 grams
Thursday: Rs 46,838/10 grams
Friday: Rs 46,593/10 grams
Gold is cheaper by around Rs 9,200 from the highest level
Last year, due to the Corona crisis, people had invested heavily in gold. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191 per 10 grams. Last year, gold gave a return of 43%. As compared to the highest level, gold has declined upto 25%. Gold is at the level of Rs 47,000 per 10 gram on MCX, which means that it is still cheaper by Rs 9,200per 10 grams.
Silver cheaper by Rs 11,980 from its highest level
As far as silver is concerned, May futures of silver are trading with a big decline today. MCX May futures of MCX are trading around Rs 68,000 level with a weakness of Rs 950 per kg. On Monday, silver futures closed at Rs 200 higher. The highest level of silver was Rs 79,980 per kg, and hence by comparison, Silver is cheaper by Rs 11,980. May futures of silver is at Rs 68,600 per kg.
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