New Delhi: The last week witnessed a slight increase in the prices of gold, following several weeks of a bearish trend over bullion exchanges. On Multi Commodity Exchange (MCX), Even on Friday (August 7), which was the last trading of the week, saw a slight rise of 0.68% or Rs 320 in the prices of October gold futures, which closed on Rs 47,557 per 10 grams.
The recovery in gold prices is sending signals that the yellow metal’s price could soon regain the Rs 50,000 mark in the coming times, offering an impressive opportunity for investors to put their money on the precious metal.
On Sunday (August 29), the 22-carat gold per 10 grams and the 24-carat gold per 10 grams were retailing at Rs 46,710 and 50,940, respectively, in Delhi.
The 22-carat gold per 10 grams is selling at Rs 46,660 and the 24-carat gold per 10 grams is retailing at Rs 47,660 in the financial capital of India, Mumbai.
Meanwhile, the rate of 22-carat gold per 10 grams in Kolkata is Rs 47,100 and that of 24-carat gold per 10 grams is Rs 49,810 in West Bengal’s capital city of Kolkata.
Gold prices in Indian cities:
City 22-carat gold price 24-carat gold price
Chennai Rs 45,090 Rs 49,180
Bangalore Rs 44,560 Rs 48,610
Hyderabad Rs 44,560 Rs 48,610
Pune Rs 45,640 Rs 48,840
Jaipur Rs 46,620 Rs 48,920
Lucknow Rs 46,570 Rs 50,800
Patna Rs 45,640 Rs 48,840
Chandigarh Rs 46,320 Rs 48,920
Surat Rs 46,920 Rs 48,890
– The data is sourced from Good Returns.
Gold price cheaper by about Rs 8600 from record highs
Gold prices have been plummeting after touching their record highs in August last year. At that time, 10-gram gold was retailing at Rs 56,191 on Multi Commodity Exchange (MCX). Also Read: Aadhaar, PAN/EPFO linking facility working fine, outage reports inaccurate: UIDAI
The major reason behind the last year’s meteoric rise in gold prices was the crash of the public markets due to the COVID-19 pandemic. At present, gold is currently retailing at about Rs 47,557 per 10 grams on MCX, which means that gold is trading cheaper by at least Rs 8600 from record highs. Also Read: Post Office Scheme: Get Rs 3300 pension by investing just Rs 50,000 in this investment plan