Gold prices to fall below Rs 44,000? Check latest rates in your city here

Gold prices to fall below Rs 44,000? Check latest rates in your city here

Gold, Silver price today: At the beginning of the year 2021, gold price was above Rs 50,000 per 10 grams. Today (March 9), the April futures of gold on MCX are at Rs 44,300, which means that in just two months, gold has become cheaper by Rs 6,000 per 10 grams. 

Two weeks ago, gold fell to Rs 46,000 level, reached Rs 45,000 level last week and now appears to be trading around Rs 44,000. In the bullion market, gold has plunged more than Rs 5700 per 10 grams so far this year.

If this trend continues, gold prices are likely to fall below Rs 44,000 very soon.

MCX Gold: After yesterday’s heavy fall, April futures of gold on MCX opened slightly higher on Tuesday. It is currently trading at Rs Rs 44300 per 10 grams. On Monday, gold fell by over Rs 460.

Check gold rates in major cities

City22-k gold (per 10 gm)24-k gold (per 10 gm)
ChennaiRs 42,210Rs 46,050
KolkataRs 44,120Rs 46,760
BengaluruRs 42,000Rs 45,820
PuneRs 43,680Rs 44,680
HyderabadRs 42,000Rs 45,820
AhmedabadRs 44,200Rs 46,100
LucknowRs 44,150Rs 48,160
KeralaRs 42,000Rs 45,820

Gold is cheaper by Rs 12,000 from the highest level

Last year, due to the coronavirus 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. If compared to the highest level, gold has gone down by 25 percent. Gold is trading at MCX at a level of Rs 44,300 per 10 gram, which means that it is getting about Rs 12,000 cheaper.

MCX Silver: On Monday, the silver May futures on MCX closed above Rs 65,850 with a slight increase of Rs 250 per kg. Even today, the prices are showing a slight increase. In the past week, silver has softened by more than Rs 3000.

Gold and silver in the bullion market

According to the IBJA website, on Monday, gold was sold in the bullion market at Rs 44,519 per 10 grams, while on Friday the rate was Rs 44,516 per 10 grams. Similarly, the rate of silver in the bullion market was Rs 65,473 yesterday, the rate on Monday was Rs 65,128.

News Source: DNA India

Leave a Reply

Your email address will not be published.