Gold Price Today, 23 July 2021: Gold trading cheaper by Rs 8700 from record highs, right time to buy?

New Delhi: Gold prices have been falling continuously in the past week few weeks. On Friday (July 23), per 10-gram prices of gold further plummeted by around Rs 100 on Multi Commodity Exchange (MCX). At present, August gold futures are trading at around Rs 47,500 per 10 grams on MCX.  

So far, gold prices have dropped by around Rs 600 in the ongoing week due to week demand in international and domestic markets. Even on Thursday, gold prices were hovering around Rs 47,500 but ended with a slight gain during the end trading hours. 

Gold moves this week (July 19-23)

Day             Gold (MCX August Futures)

Monday             Rs 48094/10 grams

Tuesday             Rs 47876/10 grams

Wednesday             Rs 47573/10 grams

Thursday             Rs 47634/10 grams

Friday             Rs 47525/10 grams (Currently trading)

Last week's gold movement (July 12-16)

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

Friday                 Rs 48053/10 grams

Gold trading cheaper by around Rs 8700 from its record highs 

In 2020, investors of the stock market invested heavily in bullion exchanges, leading to a pump in the prices of precious metals such as gold and silver. The reason behind the shift was a public market crash triggered by the COVID-19 pandemic driven economic downturn. Also Read: SBI Customers Alert! You need to follow THIS for online banking access on YONO

Gold futures were trading at their record highs last year. On MCX, gold was trading at around Rs 47,500 per 10 grams in August 2020. This means that gold is currently trading cheaper by Rs 8700 from record highs, offering a wonderful opportunity to investors planning to cash in from gold investments. Also Read: Flipkart Big Saving Days 2021: Check deals on Apple, Samsung smartphones, bank offers and more