New Delhi: Gold price today, September 24, declined for the third consecutive day. The fall in gold prices has come at a time when jewellery buy the yellow metal in bulk ahead of the upcoming festive season.
India Bullion and Jewelers Association suggests that gold was trading cheaper by Rs 438 on September 24 after the price opened at Rs 46256 per 10 grams in the bullion exchange. Meanwhile, gold futures on the Multi Commodity Exchange (MCX) are trading at around Rs 46,070 for 10 grams.
Gold movements this week (September 20 – September 24)
Day Gold (IBJA Rates)
Monday Rs 46282/10 grams
Tuesday Rs 46513/10 grams
Wednesday Rs 46826 /10 grams
Thursday Rs 46694 /10 grams
Friday Rs 46256 /10 grams (trending continues)
Gold trading cheaper by Rs 10,000 from record highs
Gold has its record highs in August last year. Amid the pandemic, investors had flocked to safe investment options such as gold, leading to a surge in the prices of the precious metals. In August 2020, gold had reached its highest price of Rs 56,191 per 10 grams. Currently, gold is trading at around Rs 46,256 per 10 months, approximately Rs 10,000 cheaper than record prices.
What do experts say?
According to experts, gold prices could fall further in the coming days. The price of gold in the domestic market is close to the low level of 6 months. “Gold prices pared some of the previous losses after falling below USD 1750 per ounce on Thursday,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Also Read: Flipkart Big Billion Days Sale: Poco X3 Pro, Moto G40 Fusion prices reduced; check other deals
Meanwhile, Navneet Damani, VP of Commodities Research at Motilal Oswal Financial Services, “Gold traded steady after hovering around the $1750 level, amidst an increase in appetite for riskier assets, as investors continued to digest the fact about the sooner-than-expected interest rate hike and tapering action announced in the Fed policy meet.” Also Read: Sensex breaches 60,000 level as pandemic fears fade, Nifty at 17,850