Gold prices cheaper by Rs 7,750 from record level

New Delhi: Amidst a lot of volatility in the bullion market, prices of gold and silver are still on the lower side of its record level. Gold prices closed almost flat on Tuesday, Silver prices were also seen ruling weak.

On Friday, gold futures for August delivery had closed with a dip of Rs 320 per 10 grams, with prices slipping below Rs 49,000. The fall in prices continues even today. At present, gold August futures have become cheaper by Rs 450 and have slipped to the level of Rs 48450. In the last two trading sessions, gold has become cheaper by about Rs 750. (Also read –Zee Exclusive: Benefits of buying hallmark gold jewellery, look for these components)

Gold move last week (MCX August Futures)

Monday: Rs 49143/10 grams
Tuesday: Rs 49127/10 grams
Wednesday: Rs 49124/10 grams
Thursday: Rs 49198/10 grams
Friday: Rs 48903/10 grams
Gold cheaper by around Rs 7,750 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. Last year, gold gave a return of 43%. If compared to the highest level, gold has declined by 25 percent. Gold is at the level of Rs 48,450 per 10 grams on MCX, which is still cheaper by Rs 7,750.

Silver prices too have been on the decline with July futures falling about 1% posting a weakness of Rs 600 per 1kg.

Gold prices in the physical market on June 14

Gold in the national capital on Monday plunged Rs 464 to Rs 47,705 per 10 grams reflecting decline in global precious metal prices. In the previous trade, the precious metal had closed at Rs 48,169 per 10 gram. Silver also declined Rs 723 to Rs 70,420 per kg, from Rs 71,143 per kg in the previous trade. In the international market, gold was trading lower at USD 1,858 per ounce and silver was flat at USD 27.70 per ounce.