Gold gets cheaper by 6% in one month! Good time to invest in yellow metal?

New Delhi: In the past 30 days or so, gold prices declined by about 6%, making the shining yellow metal a bit more affordable. For instance, 10g of 24k gold (99.9%) in Delhi was selling at about Rs 55,335 on April 18, 2022. Today, 24k gold (99.9%) in Delhi is trading at about Rs 51,850 — which is about 6.30% cheaper than gold’s rate on April 18, 2022. So, if you’re planning to invest in gold or buy gold pieces of jewellery, this could be the right time, as the trend in the prices of the precious metal could soon take a u-turn. 

On Friday, May 14, gold price had declined by Rs 360 to Rs 50,127 per 10 grams in the national capital, reflecting an overnight slump in international precious metal prices and rupee appreciation, according to HDFC Securities. Gold price stood at Rs 50,487 per 10 grams at the end of trade on May 13.

“Spot gold prices for 24-carat gold at Delhi were down by Rs 360 reflecting an overnight slump in COMEX gold prices and rupee appreciation,” Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said.

Meanwhile, in the international market, gold was trading with gains at around USD 1,826 per ounce. On the other hand, silver was flat at USD 20.87 per ounce. “Gold prices traded up with spot gold prices at COMEX trading 0.24 per cent up at USD 1,826 per ounce on Friday,” Patel said. Also Read: DR Hike: Select pensioners to get increased dearness allowance, check eligibility, arrear details

Also, spot gold fell 0.7% to $1,809.28 per ounce by 11:44 a.m. EDT (1544 GMT), after hitting $1,798.86, its lowest since Feb. 4. So far this week, spot gold has lost nearly 4%, Reuters reported. Apple WWDC 2022 dates announced! iPadOS 16, iOS 16 expected to launch 

– PTI inputs. 

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