Gold prices drop, still cheaper by Rs 9,000

New Delhi: Gold and silver prices have continued to rise for the past few weeks. However, gold closed with a slight change on Monday, with rates still above Rs 47,200 per 10 gram. Silver showed a softening of Rs 300 on Monday.

On Monday, gold futures on MCX closed higher by just Rs 60, but intraday gold touched a level of Rs 47,850 per 10 grams and slipped to 47280, with trading range seen Rs 550. Today gold is trading with a slight decline, with a weakness of Rs 140, trading in the range of Rs 47250. As compared to Tuesday of last week, gold is expensive by Rs 275 in a week.

Gold prices last week (April 12-16)

Day gold (MCX June futures)

Monday: Rs 46,419/10 grams
Tuesday: Rs 46,975/10 grams
Wednesday: Rs 46,608/10 grams
Thursday: Rs 47,175/10 grams
Friday: Rs 47,353/10 grams

Day gold (MCX June futures)

Monday: Rs 44,598/10 grams
Tuesday: Rs 45,919/10 grams
Wednesday: Rs 46,362/10 grams
Thursday: Rs 46,838/10 grams
Friday: Rs 46,593/10 grams

Gold cheaper by around Rs 9000 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 56,191 per 10 grams. Last year, gold gave a return of 43%. If compared to the highest level, gold has broken up to 25 percent, gold is trading at MCX at the level of Rs 47,200 per 10 grams, which is still cheaper by about Rs 9000 as compared to the highest level touched in August.

International Gold prices slipped on Tuesday after hitting a seven-week high in the previous session, as a rise in U.S. Treasury yields eclipsed support from a weaker dollar. Spot gold was down 0.2% to $1,766.32 per ounce by 0245 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday, a Reuters report wrote.