Gold cheaper by Rs 8800 from record highs, perfect time to put your money on yellow metal?

New Delhi: On Friday (July 2), which was the last trading day of the ongoing week, gold was trading at around Rs 47,300 per 10 grams on Multi Commodity Exchange (MCX) with a gain of over Rs 300. While gold has made a slight recovery in the past few days, the yellow metal is still cheaper by around Rs 8800 from its record highs. This means that investors planning to invest in gold should put their money in yellow metal right now because the prices are expected to soar in the coming weeks.

On Saturday (July 3), 24-carat gold per 10 gram is retailing at Rs 50,450 in Delhi. Meanwhile, the 22-carat gold per 10 gram is selling at Rs 46,450 in the national capital.

In Mumbai, the 22 carat gold and 24-carat gold per 10 gram are retailing at Rs 46,400 and Rs 47,300, respectively. On the other hand, the 22-carat gold is selling at Rs 46,900 per 10 grams in Kolkata while the 24-carat gold is retailing at Rs 49,600.

Gold prices in Indian cities:

City         22-carat gold price         24-carat gold price

Chennai           Rs 44,850                 Rs  48,930

Bangalore        Rs  44,300                    Rs  48,330

Hyderabad       Rs  44,300                    Rs  48,330

Pune                Rs  46,300                    Rs  47,300

Jaipur              Rs  46,450                    Rs  50,450

Lucknow         Rs  46,450                    Rs  50,450

Patna               Rs  46,300                    Rs  47,300

Chandigarh      Rs  46,450                    Rs  50,450

Surat               Rs  46,700                    Rs  48,700

– The data is sourced from Good Returns.

Gold selling cheaper by around Rs 8,800 from record highs

In 2020, gold prices hit record highs after the stock market crash due to the COVID-19 driven economic downturn. The yellow metal hit a record high of Rs 56,191 per 10 gram on MCX in August last year. Also

Overall, gold investments gave a 43% return in 2020. With gold currently selling at Rs 47,300 per 10 grams, the yellow metal is selling cheaper by Rs 8,800 from its record highs. Also Read: Committed to empowering our traders: PM Modi on step to include retail, wholesale trade as MSMEs

Courtesy: Zee News