Gold prices yet again decline, rates still cheaper by Rs 7,500 from record level

New Delhi: Gold prices have been witnessing a lot of ups and downs lately, though the rates of the yellow metal are still much lower as compared to the highest level it had touched in August last year.

Those looking to invest in gold still have a good window. On Friday, gold and silver closed with great momentum, however futures prices are showing a decline on Monday. Gold has once again slipped below Rs 49,000 per 10 grams. While silver has come down to 71,000.

On MCX, Gold futures for August delivery are staging below Rs 49,000 per 10 grams. On Friday, gold had closed with a strength of about Rs 350 per 10 grams and fell further by Rs 200 to the level of Rs 48800 per 10 grams in late morning trade.

Gold move last week (MCX Futures)

Monday: Rs 48821/10 grams

Tuesday: Rs 48995/10 grams

Wednesday: Rs 49601/10 grams (August futures)

Thursday: Rs 48677/10 grams (August futures)

Friday: Rs 48994/10 grams (August futures)

Gold cheaper by around Rs 7,500 from the highest level

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. Last year, gold gave a return of 43%. If compared to the highest level, gold has declined by 25 percent. Gold is at the level of Rs 48,800 per 10 grams on MCX, which is still cheaper by Rs 7,500.

There is also a huge decline in silver prices. On Friday, the silver futures for July delivery closed with a strength of Rs 750. But today it has registered a weakness of Rs 650, thus wiping out all the momentum of Friday. The July futures of silver had closed around Rs 71550 on Friday, today the rate is below Rs 71,000 per kg. Silver opened at Rs 71,320 as against the close of Rs 71,539.