In a relief for buyers, gold prices on Friday came down by nearly Rs 500 to Rs 54,110 per 10 gram. On Thursday, the gold price was Rs 54,600 per 10 gram.
On MCX, October Futures of gold is being sold for Rs 50,742 per 10 gram while Silver September Future price is at Rs 64,717 per kg.
Meanwhile, silver declined to Rs 65,600 from Rs 67,200 per kg.
In the national capital, the price of 22-carat gold plunged by Rs 400 to Rs 49,600 per 10 gram while in Mumbai, it fell by Rs 200 to Rs 49,340. In Kolkata, the price of 22-carat gold is 49,990 per 10 gram while buyers in Chennai will have to pay Rs 48,770 for 10 gram of 22-carat gold.
Notably, prices for gold in India, which is the second-largest consumer of the yellow metal, vary across different parts due to excise duty, state taxes, and making charges.
In the present situation, markets around the world are giving negative returns. However, gold is steadily moving towards record highs. With the gold prices currently over 50,000, investors investing in gold have received excellent returns in the last two months. However, experts believe that this rise in gold will go further and it is expected to cross 60,000 by Diwali. The experts claim that this is the best time to invest in gold. Investing in gold through gold ETFs can be a better option.
On the other hand, government’s Sovereign Gold Bond Scheme 2020-21 Series-6 can help you buy gold in rates less than the market. The sixth series of sovereign gold bonds has opened for investment. For this series, the government has fixed the price of gold at Rs 5,117 per gram, that is, Rs 51,170 per 10 gram, but if you buy it online, you will get 50 rupees on each gram. In this context, the price of 10 grams will be Rs 50,670 on buying online gold bonds.