Gold prices rise to Rs 44,880 on Monday, down by Rs 12,000 since August 2020
On the Multi-Commodity Exchange (MCX), gold futures rose 0.28 per cent to ₹44,876 per 10 gram against the opening price of ₹44,790. Silver futures also traded higher at ₹67,090 per kg, which was a 0.37 per cent increase as against the opening price of ₹67,226 per kg.
Gold prices increased from ₹44,000 to almost touch ₹56,000 in August last year. Since then, gold is down about ₹12,000. At the beginning of this year, gold prices were above ₹50,000 per 10 gram and are now down about ₹6,000 per 10 gram.
In New Delhi, the price of 22-carat gold is Rs 44,1170 per 10 gm, while in Chennai it rose to Rs 42,320. In Mumbai, the precious metal is being sold at Rs 43,880. according to the Good Returns website. In cities like Patna and Nagpur, the price was Rs 43,880 (for the ten grams of 22-carat gold).
According to the experts, the gold and silver prices are expected to dip further. Experts said those people who have not been able to invest in gold and silver because of high prices can now do it.
Experts are of the view that traders can look at buying gold on dips for a target of Rs 44,950. The focus will be on the US Federal Reserve’s monetary policy outcomes, to be released on March 17, amid concerns that the new stimulus package could reignite inflation, they say.
April gold futures contract settled at Rs 44,750 per 10 grams and May silver contract settled at Rs 66,844 a kilogram.