Gold prices in India continued to fall for the sixth consecutive day on Thursday. On MCX, price of the yellow metal fell by 0.22% per cent to settle at ₹51,665. The precious metal had closed at ₹52,173 per 10 gram in the previous trade.
On August 6, gold rate touched its highest ever peak and crossed ₹56,000 per 10 gram.
The drop of over ₹4,000 this month has led some experts to believe that the price of the precious metal will drop below ₹50,000 per 10 gram.
Here is what experts have to say:
• “Gold prices continued downside on Wednesday on positive sentiment on vaccine hopes and easing US-China trade tensions,” according to HDFC Securities Senior Analyst (Commodities) Tapan Patel.
• According to market expert Kunal Shah, those who need to buy jewellery should wait as gold prices will fall further. The rate is expected to go down to as much as ₹50,000 per 10 gram, he said.
• However, Ravindra Rao from Kotak Securities said that investment in gold is expected to rise through Exchange Traded Fund (ETF). It is a good time to invest in gold, according to him, as its rate may reach 60,000 by year-end.
{{/usCountry}}• However, Ravindra Rao from Kotak Securities said that investment in gold is expected to rise through Exchange Traded Fund (ETF). It is a good time to invest in gold, according to him, as its rate may reach 60,000 by year-end.
{{/usCountry}}• While Rao says correction has been seen in gold rates and an investment can be made, Shah thinks there is scope for more correction in gold prices.