Gold Price Today, 28 May 2021: Gold cheaper by Rs 7700 from record high, should you invest?

New Delhi: Gold is losing its early week gains, as the yellow shining metal is trading in the red zone for the third continuous day on Friday (May 28). On the Multi Commodity Exchange (MCX), Gold futures for June month are trading 0.28% down at Rs 48440 per 10 grams.  

Gold prices this week (May 24-28)

Day             Gold (MCX June futures)

Monday:         Rs 48553/10 grams

Tuesday:         Rs 48867/10 grams

Wednesday:  Rs 48784/10 grams 

Thursday:     Rs 48740/10 grams 

Friday:     Rs 48440/10 grams (Currently trading) 

Gold prices last week

Monday:     Rs 48474/10 grams

Tuesday:     Rs 48307/10 grams

Wednesday:     Rs 48674/10 grams

Thursday:     Rs 48544/10 grams

Friday:     Rs 48404/10 grams

Gold still affordable by around Rs 7700 from the record high

Due to the Covid-19 pandemic last year the stock markets around the world crashed in no time. Many stocks hit their 52-week lows, causing a massive loss to investors. Taking note of the economic crisis, many investors flocked to safer investments such as precious metals like gold and silver. 

As a result, gold and silver prices hit their highest levels in August 2020. The price of 10 grams of gold on MCX reached the highest level of Rs 56191. However, gold is currently trading at around Rs 48440 per 10 gram, which makes it Rs 7700 cheaper than record highs.

MCX Silver: Just like gold, silver is also losing its sheen in the past few days. Silver futures for June month are trading 0.37% down at Rs 71452 per Kg. On Wednesday (May 26) Silver June Futures were trading at Rs 400 per Kg higher than Monday’s rate at around Rs 72,500. 

However, since then silver prices are trading at lower prices. In August 2020, silver was trading at its highest levels of Rs 79,980 per kg. This means that silver is currently trading cheaper by Rs 8528 than record levels.