New Delhi: Gold has fallen from its August 2020 high of Rs 56,200 per 10 grams to Rs 11,500, as investors are moving away from the yellow metal to invest in risky assets such as bitcoins, stocks and bonds.
Since the beginning of 2021, its prices have decreased by Rs 5,000. On 8 March, the price of 22K gold in Delhi was Rs 43,860 per 10 grams and 24K pure gold was priced at Rs 47,850.
The price of 24-carat gold in Mumbai was at Rs 44,520 per 10 grams. In Chennai it rose by Rs 50 to Rs 46,000, while in Bangalore, it rose by Rs 320 to Rs 45,500 and in Kolkata by Rs 10 to close at Rs 46,810.
In Delhi-NCR, silver rose by Rs 800 to Rs 65,700 per 1 kg today. Silver rose by Rs 900 to Rs 70,100 in Chennai, Rs 65,800 in Bangalore and Rs 65,700 in Kolkata.
The demand for gold has seen an upward trend following a fall in prices at multi-month lows last week. Gold and silver prices remained firm on Tuesday following a fall in the dollar and bond yields in global markets.
At the same time, gold futures on MCX for April expiry were down by Rs 153 to Rs 44,530, while in May silver futures for expiry were up Rs 307 or 0.4% at Rs 65,910, down by Rs 23 or 0.02%.
Daily gold levels are based on several factors such as prices determined by importers, bullion associations, banks and MCX futures prices.
They vary across states and cities, depending on individual octroi charges, state taxes, transportation costs, and making charges in the physical market.