Gold Price Today, 7 July 2021: Gold cheaper by Rs 8,500 from record highs, right time to buy?

New Delhi: In the past few weeks, gold prices have witnessed a drastic fall. From crossing the Rs 49,000 mark, the per 10-gram prices of the yellow metal have retracted to Rs 47,000 levels. On Wednesday (July 7), per 10-gram gold prices were trading relatively flat on the Multi Commodity Exchange (MCX) at around Rs 47,686. While the prices are a little high from the last week, it could still be a great opportunity for investors planning to add gold to their portfolio, as experts are hoping that the yellow metal’s rates are likely to increase in the coming months.  

Day             Gold (MCX August Futures)

Monday             Rs 47299/10 grams

Tuesday             Rs 47684/10 grams 

Wednesday        Rs 47686/10 grams (Currently trading)

Last week's gold movement (June 28 - July 2)

Day             Gold (MCX August Futures)

Monday             Rs 47008/10 grams

Tuesday             Rs 46555/10 grams

Wednesday        Rs 46839/10 grams

Thursday            Rs 47039/10 grams

Friday                 Rs 47285/10 grams

Gold cheaper by around Rs 8,500 from the highest level

In 2020, investors flocked to bullion exchanges after the stock market crashed due to the COVID-19 led economic disruption. As a result of high demand, the prices of 10 grams gold on MCX in August 2020 had reached their highest level of Rs 56,191. Also Read: Good news for pilgrims! IRCTC to operate ‘Char Dham Yatra’ special train

In comparison, gold prices are currently trading at Rs 47,686 per 10 grams. This means that gold is currently selling cheaper by Rs 8,500 from the highest level. Overall, in 2020, gold gave a 43% return. Also Read: Sensex rises over 100 pts in early trade, Nifty near 15,850