The decline of over Rs 4,000 indicates a downward trend that has obtained specialists divided over whether this is a great time to invest in gold.
Gold rates in India continued to succumb to the sixth consecutive day on Thursday. On MCX, quality of the yellow steel fell by 0.22% per cent to resolve at Rs 51,665. The precious metal had shut at Rs 52,173 per 10 gram in the last trade.
On August 6, the gold price touched its highest ever before the peak and also crossed Rs 56,000 per 10 gram.
The drop of over Rs 4,000 this month has led some experts to believe that the rate of the rare-earth element will undoubtedly go down below Rs 50,000 per 10 gram.
What professionals need to say:
“Gold prices continued disadvantage on Wednesday on positive belief on vaccine hopes and also reducing US-China profession tensions,” according to HDFC Stocks Elder Expert (Products) Tapan Patel.
– According to market professional Kunal Shah, those who need to acquire jewellery should wait as gold rates will undoubtedly drop better. The price is anticipated to decrease to as high as Rs 50,000 per 10 gram, he said.
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