New Delhi: Gold prices are once again trading in a the red zone range today, although the rates of the yellow metal opened on a positive basis.


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Gold contracts for the October delivery opened at Rs 47,374 per 10 gram as against its close of Rs 47,280. At 2.45 pm gold was trading down at Rs 47,262 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 9,000 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 afternoon trade, gold was at the level of Rs 47,262 per 10 grams on MCX, which is still cheaper by Rs 8,929.


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



Gold prices firmed on Wednesday, as escalating concerns over the economic fallout from the spread of the coronavirus` Delta variant dented sentiment towards riskier assets, lifting bullion`s appeal. Spot gold rose 0.3% to $1,791.67 per ounce by 0314 GMT, hovering below a more than one-week high of 1,795.25 hit on Tuesday. U.S. gold futures were up 0.3% to $1,793.30. Silver rose 0.7% to $23.79 per ounce, while platinum rose 1.3% to $1,009.67. Palladium rose 1.2% to $2,519.18, bouncing off near a two-month trough hit on Tuesday.


In Delhi, Gold prices rallied by Rs 446 to Rs 46,460 per 10 grams on Tuesday, with recovery in global precious metal prices and rupee depreciation. In the previous trade, the precious metal had ended at Rs 46,014 per 10 grams. Silver also gained Rs 888 to Rs 62,452 per kg, from Rs 61,564 per kg in the previous trade.


 


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