The prices of precious metal gold are showing sluggishness for the fourth consecutive day. Due to the strength seen in the dollar, there is also a softening of gold in the international bullion market. In the domestic market too, gold is moving in the range above 47,200. This morning gold was at Rs 47,208 per 10 grams on the Multi Commodity Exchange in the domestic market. Silver had gained marginally by 0.4 per cent and the metal was at Rs 61,951 per kg.
International spot prices fall, futures up
There was also a fall in the international spot price today. Spot gold was down 0.1 per cent at $1,779.12 per ounce today. At the same time, if you look at GoldPrice.org, gold was rising by 0.47 percent on MCX at 11.35 am Indian time in the international market and the metal was trading at a level of $ 1786.83 an ounce. At the same time, silver was also trading at a level of $ 23.26 an ounce, up 1.13 percent.
From record high to record low…
Let us tell you that gold is running cheaper by about Rs 9,000 from its previous record high of Rs 56,200 per 10 grams. Gold had touched Rs 45,600 per 10 grams this month, its lowest level in the last four months. But after that Metal made a recovery. However, gold has come down in the last few sessions. By the way, it is believed that in the next few weeks, gold prices may rise again. By Diwali, gold may shine back.
Actually, the delta variant of Coronavirus has raised concerns among investors. There are fears of harming economic activity again due to increasing cases of infection in many countries, due to which investors can pull their hands from other assets and move towards gold. On top of that, due to the festive season in the next few months, the demand for gold in the domestic market will increase, due to which the price of gold is also likely to jump.