Gold Price Today: Gold trading cheaper by Rs 10,000 from record highs ahead of festive season

Gold price today: The yellow metal is trading at Rs 45,955 on MCX.

New Delhi: Gold October futures on Multi Commodity Exchange fell by 0.13% to Rs 45,955 on Friday, September 24, for the third day in a row, signalling weak demand in international markets. 

However, the massive drop in the prices in the past few months could be a wonderful opportunity for Indians because the rates are expected to surge again in the coming weeks. Increased demand for gold amid the festive and wedding season could drive the gold prices uphill in the coming weeks.  

Gold movements this week (September 20 - September 24)

Day                     Gold (MCX rates)

Monday               Rs 46282/10 grams

Tuesday               Rs 46513/10 grams

Wednesday          Rs 46826 /10 grams

Thursday             Rs 46694 /10 grams

Friday                 Rs 45995/10 grams 

Gold trading cheaper by more than Rs 10,000 from record highs

In 2020, gold prices surged to record highs after the demand for yellow metal surged on the back of the pandemic-driven stock market crash. Investors had flocked to bullion exchanges and invested heavily in gold. 

The sudden increase in the demand for gold fueled its rally, and in August 2020, the precious metal was selling at its record high price of Rs 56,191 per 10 grams, which is Rs 10,000 more than the current rates on MCX. Also Read: Vivo X70 Pro, X70 Pro+ to launch in India on September 30: Check features and more

According to experts, gold prices could fall further in the coming days, only to jump ahead of the festive season. At present, the current gold prices are at six-month lows and offer an impressive option for investors to make quick money. Also Read: Google introduces new search filter in Gmail to make finding emails simpler