Gold prices: Yellow metal down by over Rs 11,000; check rates in your city

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Gold prices have been trading lower since the beginning of the year and have slipped Rs 11,600 in the past 8 months, from the highs of Rs 56,200 seen in August last year.

Even today, gold prices are trading lower, following a muted trend seen in the international spot prices as a stronger dollar and elevated US Treasury yields have stunted bullion’s upside.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.23% at Rs 45,315 for 10 grams, at noon. May silver futures were trading 0.68% lower at Rs 64,645 a kilogram.

“In physical markets, gold prices are being quoted at Rs 46,200 levels and silver is being sold at Rs 67,000 per kilogram levels today,” said Anuj Gupta, VP, Commodity and Currency Research at IIFL Securities.

Gold prices have recorded their first quarterly drop since 2018 amid rising bond yields, vaccine rollouts and optimism over a recovery from the pandemic.

Will gold prices continue to fall?

Experts see the current levels as a golden opportunity for buyers as the rising Covid cases and inflationary pressures will continue to support prices going forward. Also, the upcoming marriage season in India could lead to higher demand for jewellery.

“For today, traders can go for buy at Rs 45,200 levels with the stop loss of Rs 44,900 levels for the target of 45,900 levels. Traders can also go for buy in silver at Rs 64,800 levels with the stop loss of Rs 64,000 levels for the target of Rs 66,300 levels,” said Gupta.

Check rates of 10 gram gold in your city today

Gold prices vary according to the tax structure across states and cities.