Gold Price Today, 16 August 2021: Gold continues to be cheaper, down nearly Rs 9,300 from record highs

New Delhi: Gold prices are trading flat today, however the rates of the yellow metal is still cheaper by Rs 1100 as compared to the last two weeks.

Gold contracts for the October delivery opened at Rs 46,950 per 10 gram as against its clos of Rs 46,940. At 12.52 pm gold was trading at Rs 46,918 per 10 gram. So far in the year, gold prices have crashed by more than Rs 4,000 thus making the yellow metal still a lucrative instrument for investment.

Gold still cheaper by nearly Rs 9,300 from record highs

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. At late morning trade, gold was at the level of Rs 46,918 per 10 grams on MCX, which is still cheaper by Rs 9,273.

Gold movement for August 09-13 (MCX October Futures)

Monday: Rs 45886/10 grams

Tuesday: Rs 45962/10 grams

Wednesday: Rs 46388/10 grams

Thursday: Rs 46363/10 grams

Friday: Rs 46940/10 grams

International gold prices extended its bounce to $1,778 in the wake of a sudden stop-loss tumble to $1,684 at the start of last week. 

On Friday, Gold in the national capital on Friday jumped Rs 222 to Rs 45,586 per 10 gram amid a recovery in international precious metal prices and rupee depreciation. In the previous trade, the precious metal had closed at Rs 45,364 per 10 grams. Silver also gained Rs 100 to Rs 61,045 per kilogram from Rs 60,945 per kilogram in the previous trade.