Gold Rate In India: Domestic gold futures ended a volatile session on Thursday nearly unchanged, but manged to hold the Rs 49,150 per 10 grams mark as international spot gold stood steady above the $1,800 per ounce level. MCX gold futures – due for an August 5 delivery – moved within a range of Rs 48,919-49,312 per 10 grams during the session compared to their previous close of Rs 49,159 per 10 grams, but were not far from an all-time high of Rs 49,348 per 10 grams registered on Wednesday. Gold futures ended flat at Rs 49,157 per 10 grams, but silver futures climbed 0.95 per cent to settle at Rs 51,870 per kilogram.
Here’s all you need to know about the gold rates today:
— IBJA (@IBJA1919) July 9, 2020
According to Mumbai-based industry body IBJA or India Bullion and Jewellers Association, the closing price of gold jewellery on Thursday was at Rs 49,239 per 10 grams, and silver at Rs 51,220 per kilogram – both excluding GST. (Track Gold Rate In India | Gold Gains By Rs 232 In Delhi)
The retail price of gold jewellery varies in different parts of the country due to factors such as excise duty, state taxes and making charges. India is the second largest consumer of gold. (Also Read: All You Need To Know About Gold Bond Scheme)
Globally, gold rates held above the $1,800 per ounce mark on Thursday, close to the near nine-year peak hit in the previous session, on growing fears that rising COVID-19 cases could delay a global economic recovery. Spot gold was last seen trading little changed at $1,809.19 per ounce, a day after it rose to $1,817.71 per ounce – its highest since September 2011.
Domestic stock markets climbed to new four-year peaks amid strong buying interest in financial and metal equities, continuing a rally after a day’s halt following five straight days of gains. The Sensex ended 408.68 points higher at 36,737.69, and the Nifty settled at 10,813.45, up 107.70 points from its previous close. Both indices clocked their highest closing levels recorded since March 6.
What Analysts Say On Current Gold Rate
“MCX gold (August 5) hit a record high level of Rs.49,348 per 10 grams. Gold has benefitted from safe-haven buying amid increasing nervousness about rising virus cases in US and worldwide, and increased US-China tensions,” said Ravindra Rao, VP-head commodity research, Kotak Securities.
“Gold may continue to trade with a positive bias amid increasing challenge from rising COVID-19 risks and US-China tensions,” he added.