Gold Price Today, 18 October 2021: Gold prices trade above Rs 47,260 per 10 gram, should you buy?

New Delhi: Gold prices have been on the upward swing lately amid the ongoing festive season. Gold futures for December delivery were trading with a gain of Rs 51, on Monday (October 18) following an increased demand in the global markets. 

On the Multi-Commodity Exchange (MCX), gold prices for December delivery rose 0.11 percent to Rs 47,265 for 10 grams at 14.36 hours. Silver price too witnessed a raly, by jumping 0.31 per cent to Rs 63,468 per kg. Gold prices opened at Rs 47,220 as against its previous close of Rs 47,213 while Silver prices opened at Rs 63,235 as against its previous close of 63,271.

Gold still cheaper by nearly Rs 8,900 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%. At afternoon trade, gold was at the level of Rs 47,260 per 10 grams on MCX, which is still cheaper by Rs 8,931.

In international market, Gold was last up 0.14% at $1,769.60 an ounce, after falling 1.5% on Friday on higher U.S. bond yields and a rise in U.S. retail sales.

Bullion market was closed on Friday due to Dussehra. Gold prices rallied by Rs 455 to Rs 46,987 per 10 gram in the national capital on Thursday following firm trends in global markets. In the previous trade, the precious metal had settled at Rs 46,532 per 10 gram. Silver also jumped Rs 894 to Rs 61,926 per kg from Rs 61,032 per kg in the previous trade.