For those looking to buy gold and silver at great prices, this is perhaps a great time to do so. Though Gold prices rose marginally on Thursday, the prices of the yellow metal are over Rs 11,000 lower than the rates as compared to August.
On August 7, Gold price saw a record 16th straight session an all-time high of Rs 57,008 per 10 grams in the national capital. Silver too continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram.
Gold prices in the national capital declined by Rs 320 to Rs 45,867 per 10 grams on Thursday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,187 per 10 grams. Silver, however, gained marginally by Rs 28 to Rs 68,283 per kg, from Rs 68,255 per kg in the previous trade.
Gold cheaper by Rs 2400 in February
When the Union Budget was presented on 1 February 2021, gold on MCX was closed at Rs 48394 per 10 grams as compared to today when gold prices are is at Rs 45995 per 10 grams, making the yellow metal cheaper by Rs 2400 per 10 grams in just 19 days. Considering gold prices from January 1, 2021, gold has become cheaper by Rs 4200.
Gold at 9-month low
Experts believe that this could be the right time to buy gold and silver. By slipping below Rs 46,000 per 10 grams, Gold prices on MCX has come to the level of May 2020. At the beginning of the year, bullion experts had estimated that Gold prices would cross Rs 60,000 in 2021. But now in the short term, experts are not very bullish on gold and silver.