Gold Price Today, 12 May 2021: Gold loses sheen after a sharp rise, cheaper by over Rs 8,300 from all-time high

In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191.

New Delhi: After gold and silver prices jumped sharply in the past week, both the metals are trading a tad bit lower on Wednesday. The sharp rise in the prices last week came amid lower investor confidence in high-risk investment instruments like stocks due to rising Covid-19 cases across the country, which eventually surged the demand for gold. 

On Wednesday, gold futures on Multi Commodity Exchange (MCX) were trading lower by Rs 152 at Rs 47,481 per 10 grams while Silver futures were trading at Rs 529 lower to  71,400 per kg.

Gold move current week

Monday: Rs 47,951/10 grams

Tuesday: 47,927/10 grams

Wednesday: 47,481/10 grams

Gold move last week

Monday: Rs 47319/10 grams

Tuesday: Rs 46871/10 grams

Wednesday: Rs 47000/10 grams

Thursday: Rs 47595/10 grams

Friday: Rs 47751/10 grams

Gold cheaper by around Rs 8,300 from the highest level

In August 2020, investors flocked to the bullion market after the stock market crashed due to the Covid-19 pandemic. At that time, the price of 10 grams of gold on MCX reached the highest level of Rs 56191. Gold has declined by up to 25% since its peak. In 2020, gold investors bagged a healthy 43% return on their investment in the yellow metal. 

Coming to poor man’s gold, Silver, the July futures of silver fell by about Rs 529. 

Silver move current week

Monday: Rs 71,500 / kg

Tuesday: Rs 71,373 / kg

Wednesday: Rs 71,400 / kg

Silver move last week

Monday: Rs 69871 / kg

Tuesday: Rs 69441 / kg

Wednesday: Rs 69619 / kg

Thursday: Rs 71681 / kg

Friday: Rs 71429 / kg

Silver cheaper by Rs 8580 from its highest level

The highest level of silver is Rs 79,980 per kg, which means that the metal is cheaper by Rs 8580 from its highest level.