Gold prices drop near lowest in a year, down about Rs 12,000

Gold prices hit another low after gold futures fell to Rs 44271 at day’s low on Friday, near a one-year low of Rs 44,150 they touched earlier in the week.

After the recent correction, gold is down about Rs 12,000 from record highs of Rs 56,200 hit in August last year. Even compared to the start of this year, gold is down about Rs 6,000 per 10 gram.

On weekly basis, gold moving at a lower range between Rs 44,700 and Rs 44880. At the beginning of the year 2021, gold was trading above Rs 50,000 per 10 grams, as compared to April futures of gold which is at Rs 44,700, making gold cheaper by Rs 5300 per 10 grams in just 2 months.

Gold’s position this week (MCX April Futures)

Monday: Rs 44218/10 grams

Tuesday: Rs 44857/10 grams

Wednesday: Rs 44792/10 grams

Thursday: Rs 44879/10 grams

Friday: Rs 44713/10 gram (trading in progress)