Gold Price Today, 16 March 2021: Gold cheaper by Rs 11,000 per 10 grams from record level, should you buy?

New Delhi: Gold prices have lately seen a lot of ups and downs, though mostly indicating signs of recovery. Gold has been trading below Rs 45,000 per 10 gram since the last 10 trading sessions. 

On Monday, gold closed marginally higher by Rs 150, seeing slight fluctuations. In the bullion market, gold prices have become cheaper by about Rs 1,150 so far this month while the rate of silver has dropped by more than Rs 1,900 in these 15 days.

In the beginning of the year 2021, gold was above Rs 50,000 per 10 grams, as compared to today's April futures of gold on MCX that stood at Rs 44900, thus prices becoming cheaper by Rs 5100 per 10 grams in just two and a half months. Gold was trading above Rs 45,500 two weeks ago, but broke the level of 45,000 in the same week, since then there has been a lull 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%. As compared to the highest level, gold has since declined up to 25 percent, taking the prices cheaper by about Rs 11,300.

Gold futures on March 16

Gold prices rose by Rs 30 to Rs 44,930 per 10 gram in futures trade on Tuesday as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for April delivery traded higher by Rs 30, or 0.07 per cent, at Rs 44,930 per 10 gram in a business turnover of 9,614 lots. Fresh positions built up by participants led to the rise in gold prices.

Gold prices traded 0.06 per cent higher at USD 1,730.20 per ounce in New York.