Gold prices: Precious metal rates stabilised, hovering around ₹72,000 per 10 gram; Is it right time to invest?
Gold hits over two-week low despite touching record highs in 2024; What's hurting the yellow metal's appeal? Since reaching a record high of $2,431.29 on April 12, bullion prices have retreated by over $100. Back home, Gold prices saw a slight increase on Wednesday, April 24th. Gold futures for June expiry on the Multi Commodity Exchange (MCX) recorded a modest uptick of 0.15% per 10 grams.
According to reports, in a span of only 10 days, gold prices have seen a significant decline of ₹2,900, now standing at ₹71,065 per 10 grams compared to the recent peak of ₹73,958. Amid the conflict between Iran and Israel, safe-haven buying drove gold prices to their all-time high of ₹73,958 on April 12th. However, on Tuesday, gold June futures settled flat at ₹71,014 per 10 grams, marking a minimal loss of 0.02%.
Similarly, the silver May futures contract concluded ₹21 or 0.02% lower at ₹80,657 per kilogram. “The current decline in gold prices presents an opportunity for investors, but the approach should be cautious. While gold is considered a safe-haven asset, it's essential to assess whether to adopt an aggressive or conservative investment strategy, especially after a strong bull run.
Prices are currently trending, and investors often wait for prices to cool off before entering the market. However, geopolitical tensions and ongoing global uncertainties continue to support gold prices, making it an attractive long-term investment," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, told Livemint. Also read: Oil rises $1 as US dollar slips to one-week low, investors shift focus to global economy; Brent at $88/bbl Experts recommend investors to accumulate gold at these levels as interest rates are
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