In the past two weeks, gold prices have remained weak. Historically speaking, gold is currently selling around Rs 7290 cheaper than its all-time high price of around Rs 56,000.
Highlights
In Mumbai, the 22 carat gold per 10 gram is retailing at Rs 47,950.
The 24-carat gold is selling at Rs 48,950 per 10 gram in the financial capital of India.
In Chennai, the 22-carat gold and 24-carat gold are retailing at Rs 46,150 and Rs 50,350, respectively.
New Delhi: 24-carat gold rates in Delhi declined slightly to Rs 48,950 per 10 gram on Saturday (June 5) while Silver prices increased by Rs 800 to Rs 71,600 per kilogram. Meanwhile, the 22-carat gold is retailing at Rs 47,950 per 10 gram in the national capital.
Gold prices have plummeted to a near two-week low, thanks to the positive US economic data which gave a shot in the arm to dollar and bond yields. The data coming just before the announcement of the much-awaited May non-farm payroll numbers is further leading to a fall in gold prices. Also Read: Centre gives final notice to Twitter for compliance with new IT rules
Gold cheaper by about Rs 6700 from the highest level
In the month of May 2021, gold futures turned expensive by Rs 1500 per 10 grams. Despite the sharp rise in the prices, gold is still trading Rs 6700 cheaper from record levels attained last year in August.
In 2020, investors invested heavily in gold, which fueled the yellow metal’s rally to a record high of Rs 56191. Overall, in 2020, gold gave a return of 43%. If compared with the highest level, then gold has broken up by around 25%, as gold August futures are currently at the level of Rs 49500 per 10 grams on MCX.
MCX Silver: On Tuesday (June 1), silver closed at around Rs 72,300 with a strength of about Rs 400, but today silver futures have lost all the gains. Silver futures are seen trading with a weakness of Rs 350 per kg. Prices have slipped below Rs 72,000.