Gold prices have been dropping in the last few weeks. Trading for gold September futures last week ended at Rs 47,920 per 10 gram on the Multi Commodity Exchange (MCX), a massive from June prices.
In June, gold September futures were trading at around Rs 49,000. So, in July, gold is selling cheaper than the last few months, offering a wonderful opportunity to investors to invest in the yellow shining metal.
As far as the major cities are concerned, the 24-carat gold is currently selling at Rs 47,810 while the 22-carat gold is retailing at Rs 46,800 per 10 gram in Delhi. In Mumbai, the 22 carat gold per 10 gram is selling at Rs 46,800. Meanwhile, the 24-carat gold per 10 gram is selling at Rs 47,800 per 10 gram in the financial capital of India.
In Kolkata, the 22-carat gold is selling at Rs 47,200 per 10 grams while the 24-carat gold is retailing at Rs 49,900.
Gold prices in Indian cities:
City 22-carat gold price 24-carat gold price
Bangalore Rs 44,750 Rs 48,820
Hyderabad Rs 44,750 Rs 48,820
Pune Rs 46,800 Rs 47,800
Jaipur Rs 46,910 Rs 50,960
Lucknow Rs 46,910 Rs 50,960
Patna Rs 46,800 Rs 47,800
Chandigarh Rs 46,910 Rs 50,960
Surat Rs 47,150 Rs 49,150
– The data is sourced from Good Returns.
Gold selling cheaper by around Rs 8300 from record highs
In 2020, stock markets around the world crashed amid fears of COVID-19 led economic downturn. The crash led investors to flock to invest in safer instruments such as precious metals, which led to an increase in the prices of gold due to strong demand.
In August, the gold prices per 10 gram reached their record levels of Rs 56,191 per 10 grams on MCX. This means that gold is currently selling cheaper by Rs 8300 from record highs.
