New Delhi: Gold prices rallied by Rs 587 to Rs 45,768 per 10 gram in the national capital on Wednesday amid rupee depreciation. In the previous trade, the precious metal had closed at Rs 45,181 per 10 gram.
In tandem with the rally in gold, silver also jumped Rs 682 to Rs 65,468 per kilogram from Rs 64,786 per kilogram in the previous trade.
Gold prices rose by Rs 346 to Rs 46,265 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher by Rs 346, or 0.75 per cent, at Rs 46,265 per 10 gram in a business turnover of 12,491 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said.
Gold prices still Rs 10,000 cheaper than the highest level
Last year, due to the Corona crisis, people had invested heavily in gold which is considered a safer haven. Gold gave a return of 43% in 2020. In August 2020 the price of 10 grams of gold on MCX reached the highest level of Rs 56191. As compared to the highest level, gold has declined up to 25 percent. Gold is trading at MCX level of Rs 46250 per 10 gram, thus meaning that it is still cheaper by about Rs 9950.
International gold prices
Gold prices fell on Wednesday as robust economic data from the United States lifted expectations of a rapid recovery and dampened bullion`s appeal, while investors were waiting for minutes from the Federal Reserve`s last policy meeting.
Spot gold was down 0.4% to $1,737.09 per ounce by 0946 GMT. U.S. gold futures slipped 0.3% to $1,737.70 per ounce.