Price below Rs 47,000, right time to invest in yellow metal?
New Delhi: August Gold futures on the Multi Commodity Exchange (MCX) fell by over Rs 2000 per 10 gram in the last two trading days – Thursday (June 17) and Friday (June 18). At present, 10-gram gold is priced at Rs 46,800 on MCX.
The major factor behind the slump is the US Federal Reserve’s recent decision signalling that an interest rate hike is on the cards of the USA’s central banking system. Other factors haunting gold prices are weak consumer sentiment in the country and US Dollar’s rise against other currencies.
In the ongoing week, per 10-gram gold prices on MCX have fallen by over Rs 2000, the worst crash in 2021. For investors, this could be a golden opportunity to put their money on gold.
If you’re also planning to buy gold then you must hurry, as experts are suggesting that the crash of the yellow metal could be temporary and that it could gain its shine back anytime soon. Also Read: Big bonanza for Punjab govt employees! Increased salaries, pensions and more, check details
Gold price this week
Day Gold (MCX August Futures)
Monday 48523 / 10 grams
Tuesday 48424 / 10 grams
Wednesday 48506 / 10 grams
Thursday 46958 / 10 grams
Friday 46800 / 10 grams
Last week’s gold move
Day Gold (MCX August Futures)
Monday 49143 / 10 grams
Tuesday 49127 / 10 grams
Wednesday 49124 / 10 grams
Thursday 49198 / 10 grams
Friday 48903 / 10 grams
Gold cheaper by Rs 9391 from record levels
In August last year, many investors flocked to gold, soon after the stock market crashed amid the pandemic-driven economic crisis. The increased demand for yellow metal fueled its prices to record highs.
In August 2020, gold touched its highest levels of Rs 56191 per 10 gram. In comparison to record highs, the shining metal is currently trading Rs 9391 cheaper from record levels. Also Read: Lost your smartphone? Use Google’s Spot feature to locate device
