144569 SIP myths you must know!
On MCX, gold futures were up 0.2% to Rs 44,295 per 10 grams, after falling to Rs 44,150 in the previous session
Gold prices in India edged slightly higher on March 9 tracking positive bias in the international spot prices after a slump in the previous session.
On MCX, gold futures were up 0.2% to Rs 44,295 per 10 grams, after falling to Rs 44,150 in the previous session. Silver futures rose 0.3% to Rs 66,050 per kilogram in early trade.
Gains in the dollar index and rising bond yields have been putting pressure on gold prices.
Another reason why gold prices are cooling off is that with economic activity gradually picking up pace and countries ramping up vaccination, uncertainty around growth is petering out and so the demand for gold as a safe-haven asset has come down.
Experts have also said that the recent selling pressure in gold can be attributed to investors getting into the risk-on mode now.
Gold prices have fallen to near 11-month lows in India after being in a downtrend since hitting a record high of ₹56,200 in August. And from the start of this year, gold is down about ₹5,500 per 10 grams.
As for the prices in the physical gold market in major cities of India, the rate of 22-carat gold in the national capital stood at Rs 44,150 per 10 grams. While buying 10 grams of 24-carat gold one will have to pay Rs 48,160.
In Chennai for 22-carat gold, the buyer will have to pay Rs 42,210 per 10 grams while for 24-carat gold Rs 46,050.
The rate of the yellow metal in Kolkata stood at Rs 44, 120 for 10 grams while for 24-carat of it is Rs 46,760 per 10 grams.
The price of 22-carat gold in Mumbai is Rs 43,680, while the purchaser of the metal will have to pay Rs 44,680 for 24-carat gold.
So should you use the recent correction in gold for investment?