Gold Price Today, 23 August 2021: Gold still down by Rs 9,000 from all-time highs, check prices in Indian cities

New Delhi: The October futures of gold on the Multi Commodity Exchange (MCX) is almost trading flat, though prices of the yellow metal is still down by Rs 9,000 from all-time highs.

Gold rates have lately been retracting after touching nearly Rs 50,000 mark couple of weeks ago. Gold has been dropped by over Rs 4,000 so far this year. The drop in gold prices offers a wonderful opportunity for investors as the price range is seen as a correct time to invest before gold prices touch Rs 50,000 again.

Last week's gold movement (August 16-20 MCX October Futures)

Monday: Rs 47225/10 grams

Tuesday: Rs 47280/10 grams

Wednesday: Rs 47132/10 grams

Thursday: Rs 47169/10 grams

Friday: Rs 47158/10 grams

Prices of 24 Carat Gold in major cities

Chennai: Rs 48,660
Mumbai: Rs 47,190
Delhi: Rs 50,480
Kolkata: Rs 49,180
Bangalore: Rs 48,270
Hyderabad: Rs 48,270
Kerala: Rs 48,270

(Courtes:Goodreturns)

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 morning trade, gold was at the level of Rs 47,200 per 10 grams on MCX, which is still cheaper by Rs 8,991.