New Delhi: Gold October futures on Multi Commodity Exchange fell by 0.13% to Rs 45,955 on Friday, September 24, for the third day in a row, signalling weak demand in international markets.
However, the massive drop in the prices in the past few months could be a wonderful opportunity for Indians because the rates are expected to surge again in the coming weeks. Increased demand for gold amid the festive and wedding season could drive the gold prices uphill in the coming weeks.
Gold movements this week (September 20 – September 24)
Day Gold (MCX rates)
Monday Rs 46282/10 grams
Tuesday Rs 46513/10 grams
Wednesday Rs 46826 /10 grams
Thursday Rs 46694 /10 grams
Friday Rs 45995/10 grams
Gold trading cheaper by more than Rs 10,000 from record highs
In 2020, gold prices surged to record highs after the demand for yellow metal surged on the back of the pandemic-driven stock market crash. Investors had flocked to bullion exchanges and invested heavily in gold.
The sudden increase in the demand for gold fueled its rally, and in August 2020, the precious metal was selling at its record high price of Rs 56,191 per 10 grams, which is Rs 10,000 more than the current rates on MCX.
According to experts, gold prices could fall further in the coming days, only to jump ahead of the festive season. At present, the current gold prices are at six-month lows and offer an impressive option for investors to make quick money. Also Read: Google introduces new search filter in Gmail to make finding emails simpler