Gold prices have started declining from last week and the trend seems to continue this week as well. Gold on MCX has been weakening since the last four trading session while Silver too has seen downwards slide.
Gold prices on MCX fell by Rs 57 to Rs 47,405 per 10 gram in futures trade on Tuesday as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 57, or 0.12 per cent, at Rs 47,405 per 10 gram in a business turnover of 10,887 lots. Analysts attributed the fall in gold prices to trimming of positions by participants, a PTI report quoted.
Sold held steady on Tuesday as market awaits a U.S. Federal Reserve meeting for cues on its monetary policy outlook, while a firmer dollar weighed on the metal`s appeal. Spot gold was flat at $1,780.86 per ounce by 0724 GMT. U.S. gold futures were little changed at $1,780.70 per ounce. Silver fell 0.2% to $26.17 per ounce. Platinum was down 0.3% at $1,240.01, said Reuters report.
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 47,393/10 grams
Tuesday: Rs 47,857/10 grams
Wednesday: Rs 48,228/10 grams
Thursday: Rs 47,772/10 grams
Friday: Rs 47,532/10 grams
Gold range last week (April 19-23) on MCX June futures
Monday: Rs 46,419/10 g
Tuesday: Rs 46,975/10 grams
Wednesday: Rs 46,608/10 grams
Thursday: Rs 47,175/10 grams
Friday: Rs 47,353/10 grams
Gold range (week of 5-9 April)
Monday: Rs 44,598/10 grams
Tuesday: Rs 45,919/10 grams
Wednesday: Rs 46,362/10 grams
Thursday: Rs 46,838/10 grams
Friday: Rs 46,593/10 grams
Gold cheaper by Rs 8770 per 10 grams
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 per 10 grams. Last year, gold gave a return of 43%. As compared to the highest level, gold has declined upto 25%. Gold is at the level of Rs 47420 per 10 gram on MCX, which means that it is still cheaper by Rs 8770 per 10 grams.
Silver cheaper by Rs 11380 from its highest level
The highest level of silver was at Rs 79,980 per kg. As compared to its highest level, silver is also cheaper by Rs 11380. Silver trading for May futures of are at Rs 68600 per kg.
