Gold Price Today, 29 July 2021: Gold gains lustre, but still cheaper by Rs 8700 from record highs

Gold has made a decent recovery from the last week’s fall, which was primarily driven by the weak demand for yellow metal in international and domestic markets.

New Delhi: Gold is trading on a positive note on Thursday (July 29). The precious metal was trading with a gain of around Rs 600 per 10 grams or 1.27% on the Multi Commodity Exchange (MCX) at Rs 48180 per 10 grams. Gold has made a decent recovery from the last week’s fall, which was primarily led by the weak demand for yellow metal in international and domestic markets. 

On Wednesday, August futures of gold had closed relatively flat at Rs 47577 per 10 grams, a marginal hike of Rs 4 from Tuesday’s prices. However, with an impressive jump today, gold is now gaining its sheen back. 

Day             Gold (MCX August Futures)

Monday         Rs 47461/10 grams

Tuesday         Rs 47573/10 grams

Wednesday     Rs 47577/10 grams

Thursday        Rs 48195/10 grams (Trading on)

Last week's gold movement (July 19-23)

Day             Gold (MCX August Futures)

Monday         Rs 48094/10 grams

Tuesday         Rs 47876/10 grams

Wednesday     Rs 47573/10 grams

Thursday         Rs 47634/10 grams

Friday              Rs 47534/10 grams

Gold trading cheaper by about Rs 8000 from the highest level

In 2020, gold prices hit their record highs backed by a rally in the prices of precious metals due to the crash in the stock market. For those uninitiated, stock exchanges around the world suffered a major blow last year in the aftermath of the COVID-19 driven economic slowdown. Also Read: Inflation will moderate, likely to be below 6% in July: CEA K V Subramanian

With investors heavily investing in gold, the price of 10 grams of gold on MCX reached the highest level of Rs 56191 in August 2020. With gold currently selling at around Rs 48,195, the yellow metal is selling cheaper by about Rs 8000 per 10 grams on MCX. Also Read: Apple iPhone and iPad users are at high risk of losing data if they don’t do THIS