Massive decrease in Price of Gold

Due to the possibility of a second wave of Coronavirus Pandemic, investors have now started safe investment purchases in dollars. That is why there is a sharp trend in the US Dollar, which is showing the effect on the prices of Gold and Silver. After Tuesday, gold prices have come down on Wednesday also. October futures on MCX fell by 0.4% to 50,180 per 10 grams, while silver futures fell 1.6% to Rs 60,250 per kg. This week, the prices of precious metals have come down drastically. In the previous session, gold prices fell by Rs 100, while on Monday gold prices had broken by Rs 1,200.

Cheap up to Rs 6000 – Gold prices are still down by about Rs 6000 per ten grams from the previous month’s record height. On August 7, gold prices on MCX had crossed Rs 56,000 per ten gram. At the same time, the price reached Rs 56,200 per ten grams in the bullion market. It’s now 51 thousand rupees per ten grams. In this sense, the price of 99.9 percent pure gold has been reduced by Rs 5000 per ten grams.