Gold, Silver Rate February 23: After several weeks of sluggishness, gold and silver prices are showing strength on the Multi Commodity Exchange (MCX). On Monday, gold rose above Rs 700 to close over Rs 46,900 per 10 gram. Silver also strengthened by Rs 1,450 and managed to close above Rs 70,400 per kg.
Experts say that this may be the right time to buy gold and silver. Gold prices are at the level of Rs 46,000 per 10 grams which is at May 2020 level. At the beginning of the year, bullion experts had estimated that it would cross Rs 60,000 in 2021. But now in the short term, experts are not very bullish on gold and silver.
MCX Gold: Gold is showing strength for three consecutive sessions. Although gold opened on a modest edge on Tuesday, it remains to be seen as to how it will progress as the day goes on. The April futures of gold on MCX are trading around Rs 46,900.
It may be recalled that due to the coronavirus crisis, people had invested heavily in gold, leading to a sharp increase in the prices. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56,191. Last year, gold gave a return of 43%. If compared to the highest level, gold has gone down by up to 17%.
Gold trends in last 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 level
On February 1, the silver futures on MCX on the budget day went above Rs 74,400. But after this, there was continuous weakness and on Thursday, February 4, the price fell to Rs 66,800 per kg. The highest level of silver is Rs 79,980 per kg. Let’s take a look at the price of 10 grams 24-carat gold in four 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 price of 1 kg of silver is in these four metro cities, as per goodreturns.in
- Delhi: Rs 70,500
- Mumbai: Rs 70,500
- Kolkata: Rs 70,500
- Chennai: Rs 74,400