Gold Price Today, 16 July 2021: Gold trading cheaper by Rs 7900 from all-time highs, should you buy?

Gold was trading around at Rs 48500 per 10 grams on MCX, around Rs 100 less than yesterday’s closing rate.

New Delhi: Gold prices have made a strong recovery in the past few weeks. In early July, 10 grams of gold was trading at around Rs 46,500 on Muti Commodity Exchnage (MCX). However, gold prices breached the Rs 48,000 mark last week. On Friday (June 16), gold was trading around at Rs 48,300 per 10 grams on MCX, around Rs 100 less than yesterday’s closing rate. 

The fall in gold prices today could be a wonderful opportunity for investors looking to put their money on the yellow metal as experts are hoping that the rates might increase in the coming weeks. 

Gold prices current week

Day             Gold (MCX August Futures)

Monday          Rs 47774/10 grams

Tuesday          Rs 47889/10 grams

Wednesday     Rs 48299/10 grams 

Thursday        Rs 48400/10 grams 

Thursday        Rs 48306/10 grams (currently trading) 

Gold prices last week

Day             Gold (MCX August Futures)

Monday             Rs 47299/10 grams

Tuesday             Rs 47684/10 grams

Wednesday        Rs 47910/10 grams 

Thursday            Rs 47721/10 grams 

Friday                Rs 47856/10 grams 

Gold rates are cheaper by Rs 7900 from all-time highs

In 2020, investors of the stock market flocked to invest in precious metals due to the COVID-19 pandemic driven crash of public markets. With the economic distress in place, investors invested heavily in metals like gold, thereby fuelling the rally. Also Read: Bookings open for Ola Electric scooter! Check price, specs and other details

Thanks to the rally, gold hit its record high of Rs 56,191 in August 2020. If you compared record prices with today’s gold rate, then you’ll find that gold is currently selling cheaper by Rs 7900 from its all-time highs. Also Read: Paytm files draft papers for Rs 16,600 crore IPO