In a highly volatile session, October gold futures on the Multi Commodity Exchange (MCX) were trading with a slight fall at around Rs 47,800 per 10 grammes on Thursday (August 5). The bullion exchange’s high volatility was also evident yesterday, when trading for the October futures of gold closed at around Rs 47,766 per 10 grammes, with an intraday high of Rs 48358.
Gold prices, however, are expected to pick up, especially with the holiday season approaching in a few months, according to experts. This could be a fantastic opportunity for investors to add some gold to their portfolios.
Gold moves this week (August 02-06)
Day Gold (MCX October Futures)
Monday Rs 48086/10 grams
Tuesday Rs 47864/10 grams
Wednesday Rs 47892/10 grams
Thursday Rs 47845/10 grams (trade ongoing)
Gold movement last week (July 26-30)
Day Gold (MCX August Futures)
Monday Rs 47461/10 grams
Tuesday Rs 47573/10 grams
Wednesday Rs 47577/10 grams
Thursday Rs 48281/10 grams
Friday Rs 48001/10 grams
Gold trading cheaper by about Rs 8400 from the record highs
Gold is currently trading around Rs 8400 lower than its all-time high.
In the early months of the lockdown in 2020, the COVID-19 crisis-fueled economic downturn proved disastrous for public markets. With the decline of the stock markets, investors have shifted their funds to safer investments such as gold and silver.
As a result, gold prices reached all-time highs in August 2020, when the price of 10 grammes of gold was Rs 56,191. In comparison, gold is currently trading at around Rs 47800 per 10 gramme on the MCX, which is about Rs 8400 lower than record highs.