NEW DELHI, June 07 (The Economic Times): Gold prices have been witnessing a lot of ups and downs lately, though the rates of the yellow metal are still much lower as compared to the highest level it had touched in August last year.
Those looking to invest in gold still have a good window. On Friday, gold and silver closed with great momentum. However, futures prices are showing a decline on Monday. Gold has once again slipped below Rs 49,000 per 10 grams. While silver has come down to 71,000.
On MCX, Gold futures for August delivery are staging below Rs 49,000 per 10 grams. On Friday, gold had closed with strength of about Rs 350 per 10 grams and fell further by Rs 200 to the level of Rs 48800 per 10 grams in late morning trade. Last year, due to the Corona crisis, people had invested heavily in gold.
In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191. Last year, gold gave a return of 43 per cent. If compared to the highest level, gold has declined by 25 per cent. Gold is at the level of Rs 48,800 per 10 grams on MCX, which is still cheaper by Rs 7,500.
There is also a huge decline in silver prices. On Friday, the silver futures for July delivery closed with a strength of Rs 750. But today it has registered a weakness of Rs 650, thus wiping out all the momentum of Friday. The July futures of silver had closed around Rs 71550 on Friday, today the rate is below Rs 71,000 per kg. Silver opened at Rs 71,320 as against the close of Rs 71,539.
Meanwhile, the prices of precious metals grew in Azerbaijan on June 7 compared to the previous price, Trend reports referring to the data published by the Central Bank of Azerbaijan (CBA). The price of gold increased by 27.8545 manat or $16.38 (0.88 per cent) and made up 3,206.54 manat or $1,886.2 per ounce.
The price of silver rose by 0.3905 manat or 23 cents (0.84 per cent) and amounted to 46.9255 manat ($27.6).
The price of platinum went up by 25.143 manat or $3.54 (1.28 per cent) and equaled to 1,989.2975 manat ($1,170.17).
The price of palladium rose by 22.984 manat or $16.19 (0.48 per cent) and stood at 4,832.743 manat ($2,842.79).
In monthly terms, the price of gold grew by 110.7635 manat or $65.15 (3.6 per cent) per ounce, silver rose by 0.263 manat or 15 cents (0.6 per cent) per ounce, platinum decreased by 148.5375 manat or $87.37 per ounce (6.9 per cent), while palladium dropped by 204.765 manat or $120.45 (4.1 per cent).
On annual basis, the price of gold climbed by 301.733 manat or $177.49 (10.4 per cent), silver grew by 16.8495 manat or $9.91 (56 per cent), platinum spiked by 567.783 manat or $333.99 (39.9 per cent), and palladium surged by 1,516.57 manat or $892.1 (45.7 per cent).
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