Gold, Silver Rate February 23: After a number of weeks of sluggishness, gold and silver prices are exhibiting energy on the Multi Commodity Exchange (MCX). On Monday, gold rose above Rs 700 to shut over Rs 46,900 per 10 gram. Silver additionally strengthened by Rs 1,450 and managed to shut above Rs 70,400 per kg.
Experts say that this can be the proper time to purchase gold and silver. Gold prices are on the stage of Rs 46,000 per 10 grams which is at May 2020 stage. At the start of the yr, bullion specialists had estimated that it will cross Rs 60,000 in 2021. But now in the brief time period, specialists usually are not very bullish on gold and silver.
MCX Gold: Gold is exhibiting energy for 3 consecutive classes. Although gold opened on a modest edge on Tuesday, it stays to be seen as to the way it will progress because the day goes on. The April futures of gold on MCX are buying and selling round Rs 46,900.
It could also be recalled that as a result of coronavirus disaster, individuals had invested closely in gold, resulting in a pointy improve in the prices. In August 2020, the value of 10 grams of gold on MCX reached the very best stage of Rs 56,191. Last yr, gold gave a return of 43%. If in comparison with the very best stage, gold has gone down by as much as 17%.
Gold developments in final week
- Monday: Rs 47,241
- Tuesday: Rs 46,899
- Wednesday: Rs 46,237
- Thursday: Rs 46,126
- Friday: Rs 46,197
Silver cheaper by Rs 9,500 from its highest stage
On February 1, the silver futures on MCX on the finances day went above Rs 74,400. But after this, there was steady weak spot and on Thursday, February 4, the value fell to Rs 66,800 per kg. The highest stage of silver is Rs 79,980 per kg. Let’s check out the value of 10 grams 24-carat gold in 4 metro cities, as per Goodreturns.in
- Delhi: Rs 49,530
- Mumbai: Rs 46,470
- Kolkata: Rs 48,320
- Chennai: Rs 47,950
Here is the value of 1 kg of silver is in these 4 metro cities, as per goodreturns.in
- Delhi: Rs 70,500
- Mumbai: Rs 70,500
- Kolkata: Rs 70,500
- Chennai: Rs 74,400