If you are thinking of buying gold, this is a good time as the prices have come down significantly. Last week, MCX's April futures were close to Rs 47,000, which slipped below Rs 45,000 on Tuesday.
On Monday, gold MCX April futures were trading above Rs 45,700, but in the last hours it came down more than Rs 400.
The April futures of gold on MCX opened on Tuesday with a fall of over Rs 200 per 10 grams. Currently, it is trading around Rs 45,100 per 10 grams. It slipped below Rs 45,000 after opening and also touched a low of Rs 44,984. In these last two days, gold has become cheaper by about 600 rupees.
Last week, the April futures of gold on MCX had closed at Rs 46,901 on Monday, but on Friday it closed at Rs 45,736 per 10 grams, which means it was cheaper by Rs 1,165 per 10 grams. On Friday, MCX gold also slipped to the level of Rs 45,611.
Here's the price of gold in major cities
Gold is cheaper by Rs 11,200 from the highest level
Last year, due to the COVID-19 pandemic, people had invested heavily in gold. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56,191. Last year, gold gave a return of 43%. If compared to the highest level, gold has broken up to 24 percent, and is trading at MCX level of Rs 45,000 per 10 grams, which means that it has become cheaper by about Rs 11,200.
Gold and silver in bullion market
According to the IBJA website, on March 1, the price of 24 carat gold in the country was Rs 45,976 per gram, while the rate was Rs 46,570 per 10 gram at the time of market closing on February 26. Similarly, the rate of silver in the bullion market was Rs 68,621 per kg, while on February 26, the rate was Rs 70,225 per kg. Today, once again the price cut can be seen.