Gold Price Today, 27 August 2021: Gold trading cheaper by Rs 8800 from record levels, should you invest now?

New Delhi: Gold prices on the Multi Commodity Exchange (MCX) have dropped by over Rs 2000 in the past few weeks. However, on Friday (August 27), October futures of gold on MCX rose sharply by Rs 297 to Rs 47534 per 10 grams. The hike in gold prices has come after a day of flat trade on Thursday (August 26), when MCX saw multiple highly volatile sessions. 

In the ongoing week, gold futures are trading with a gain of more than Rs 350. This could hint towards a bullish sentiment on MCX. Experts have previously suggested that gold could again reclaim the Rs 50,000 mark in the coming weeks, offering an impressive opportunity for investors planning to bet on the yellow metal. 

Gold moves this week (23-27 August)

Day Gold         (MCX October Futures)

Monday         Rs 47584/10 grams

Tuesday         Rs 47612/10 grams

Wednesday     Rs 47179/10 grams

Thursday        Rs 47237/10 grams

Friday           Rs 47400/10 grams (Trading on)

Last week's gold move (August 16-20)

Day Gold         (MCX October Futures)

Monday         Rs 47225/10 grams

Tuesday         Rs 47280/10 grams

Wednesday     Rs 47132/10 grams

Thursday         Rs 47169/10 grams

Friday              Rs 47158/10 grams

Gold trading cheaper by more than Rs 8800 from the highest level on MCX

In 2020, the stock market had collapsed due to the COVID-19 pandemic driven economic downturn. Because of the bearish sentiments over stock markets, investors flocked to bullion exchanges, investing heavily in precious metals such as gold and silver. Also Read: Book your dates Bullet Lovers! Get a sneak peek of New royal Enfield 350 ahead of September 1 launch

As a result, gold prices rose to a record high of Rs 56,191 per 10 grams on MCX in August 2020. In comparison, gold is currently trading at about Rs 47400 per 10 grams on MCX. This means that gold is selling cheaper by about Rs 9100 from record highs. Also Read: Reliance JioPhone Next pre-booking details leaked! Check sale date, price and expected features