The yellow metal is yet to stabilize and gold price has gone up slightly by Rs 286 in India today
Gold price is still not stabilized in India like everywhere else. After going down, the gold picked up late today by as much as Rs 286 in future trade to Rs 26,396, but still well behind Rs 32500 mark that it had attained last year.
Many people who had thought it as a hedge against inflation and thought that the gold price will never go down are still to come to term with the prospect of it remaining down for months if not years. While price went up and up, people continued to buy the yellow metal in large quantities as they have always been. Many people simply love the sight of gold metal in India, due to the plain fact that it has given them good results always. Though earlier gold used to give good returns in long term, but in the last few years, due to spiraling prices of the yellow metal many people have made millions and millions even in short term too.
But alas the people who saw short term gains are no longer going to make quick bucks in the market. But if you are seeking to make long term investment, there is great scope and in fact this is the right time to invest in the market. At the Multi Commodity Exchange (MCX), gold for delivery in June rose by Rs 286 to Rs 26,396 per ten grams as against its previous close of Rs 26,110. Similarly, silver for delivery in July recovered by Rs 635 to Rs 43,805 per kg. The white metal settled lower by Rs 93 to 43,170 per kg on Tuesday.