Gold Price Today: Gold selling cheaper by Rs 9,000 from record highs, right time to buy amid festivities?

Gold price today: In Delhi, gold price rose Rs 63 to Rs 46,329 per 10 grams on Wednesday, October 13.

New Delhi: December Gold futures on Multi Commodity Exchange (MCX) on Wednesday, October 13, were trading with a gain of Rs 257 at Rs 47455 per 10 grams, courtesy of the rise in the global gold prices. 

In the national capital, Delhi, gold rose Rs 63 to Rs 46,329 per 10 grams, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,266 per 10 grams. 

Meanwhile, Silver also jumped Rs 371 to Rs 60,788 per kg, from Rs 60,417 per kg in the previous trade. In the global market, gold was trading higher at USD 1,768 per ounce and silver was flat at USD 22.80 per ounce.

"Gold prices traded firm with spot gold prices at COMEX trading 0.46 per cent up at USD 1,768 per ounce on Wednesday. Gold prices traded higher supported by a weaker dollar and lower US bond yields," said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

Currently, gold is trading at Rs 47455 per 10 grams. This means that gold is currently selling way cheaper than its record highs. For instance, in August 2020, the yellow metal was trading at about Rs 56,191 per 10 grams. Also Read: Sensex rallies 453 points to new peak, Nifty claims 18,100 level

In comparison, gold is currently selling at about Rs Rs 8736 cheaper than its record high prices. This could offer a wonderful opportunity to investors who are planning to invest in the yellow metal amid the festive season. Also Read: Salman Khan announces his NFT collection: Twitter reacts to possibility of ‘bhaicoin’

- With PTI inputs.