So far in the year, gold prices have crashed by more than Rs 4,000 thus making the yellow metal still a lucrative instrument for investment.
Gold contracts for the October delivery opened at Rs 47,374 per 10 gram as against its close of Rs 47,280.
At late afternoon trade, gold was at the level of Rs 47,262 per 10 grams on MCX, which is still cheaper by Rs 8,929.
Gold prices firmed on Wednesday, as escalating concerns over the economic fallout from the spread of the coronavirus` Delta variant dented sentiment towards riskier assets, lifting bullion`s appeal.
In Delhi, Gold prices rallied by Rs 446 to Rs 46,460 per 10 grams on Tuesday, with recovery in global precious metal prices and rupee depreciation.