New Delhi: In India, gold prices fell for the third day in the past four days, courtesy of plummeting global rates. On the Multi Commodity Exchange (MCX), gold futures were trading 0.4% lower at Rs 48358 per 10 gram.
However, today’s fall hasn’t impacted the shining metal much because it is still trading at around its four-month highs, cornering concerns of rising inflation and rising Covid-19 cases in India.
The crypto market crash may have also forced investors to bet on safe investment options such as gold. Factors such as improving Covid-19 situation in the US are also fueling the gold’s rally. Gold is said to be having support at Rs 48480-48300 levels on the MCX while silver is having support at Rs 71700–Rs 71100.
But gold is still trading around Rs 7,800 lower in comparison to its all-time high rates of Rs 56191 per 10 gram. Gold had hit its record high in August 2020, soon after the public market crash due to the pandemic-driven economic slowdown. In 2020, gold gave a decent return of 43% to investors.
Meanwhile, poor man’s gold, aka silver, was trading 0.8% lower than yesterday’s rate at Rs 71,748 per Kg. Silver prices slipped mainly because of the sell-off in base metals and other asset classes. Silver is currently trading around Rs 8000 lower than its all-time high price of Rs 79,980 per kg.