NewDelhi: After showing slight strength in the past few days, gold prices have plummeted on Thursday (July 8). On Multi Commodities Exchange, gold September futures are trading Rs 236 cheaper than yesterday’s closing price at Rs 47,674 per 10 grams, in what could be a golden opportunity for buyers planning to add yellow metal to their portfolios. In the coming weeks, gold prices are expected to rise, and that’s why it could be the right time to invest in yellow metal to rake some gains.
Day Gold (MCX August Futures)
Monday Rs 47299/10 grams
Tuesday Rs 47684/10 grams
Wednesday Rs 47910/10 grams
Thursday Rs 47,674 /10 grams (Currently trading)
Last week’s gold movement (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 47039/10 grams
Friday Rs 47285/10 grams
Gold trading cheaper by around Rs 8,500 from record highs
Gold became one of the hottest assets last year when stock markets globally crashed due to the fears of an economic downturn as a result of the COVID-19 pandemic. Investors invested heavily in yellow metal during that time, and as a result, gold prices surged to their lifetime highs. Also Read: Big jolt to Indian government! Cairn Energy freezes 20 state-owned properties in France: Report
On MCX, gold prices in August 2020 peaked at Rs 56,191. In comparison, gold prices are currently selling at around Rs Rs 47,674 per 10 grams. This clearly means that gold is selling cheaper by Rs 8,500 from record levels, and therefore it could be a great opportunity for investors to bag some yellow metal. Also Read: Sensex, Nifty start on choppy note amid weak global cues.
Bureau Report
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