Gold Rate In India: Domestic gold and silver futures fluctuated between gains and losses before closing with mild gains on Friday. MCX gold futures – due for delivery on August 5 – moved between Rs 48,713 and Rs 48,971 per 10 grams, compared to their previous close of Rs 48,773. Silver futures lurked in a range of Rs 52,178-52,772 per kilogram, compared to their previous close of Rs 52,610 per kilogram. Gold futures settled with a gain of 0.20 per cent – or Rs 98 – at Rs 48,871 per 10 grams, and silver futures shut shop at Rs 52,676 per kilogram up 0.13 per cent (Rs 66) from its previous close. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 49,145 per 10 grams, and silver at Rs 51,740 per kilogram – both excluding Goods and Services Tax (GST).
— IBJA (@IBJA1919) July 17, 2020
Gold jewellery prices vary in different parts of India – the second largest consumer of the precious metal – due to factors such as excise duty, state taxes and making charges.
In the international market, gold price rose on Friday and was headed for its sixth consecutive weekly gain as surging coronavirus cases fuelled demand for safe havens. Spot gold was last seen trading up 0.5 per cent at $1,805.43 per ounce.
Domestic stock markets climbed up for a third consecutive session, with benchmark indices Sensex and Nifty registering their fifth straight week of gains, as hopes of strong corporate earnings outweighed concerns over surging COVID-19 cases in the country.
The S&P BSE Sensex index rose 1.5 per cent to 37,020.14 – its highest closing level since March 6, and the broader NSE Nifty 50 benchmark settled up 1.51 per cent at 10,901.70.
In March, commodity exchanges cut down trading hours, in a shift from the practice of allowing trading till midnight, in the wake of coronavirus pandemic. The trading now begins at 9 am and ends at 5 pm, instead of 11:50 pm earlier.
Gold Price: What Analysts Say On Current Gold Rate
“Gold has been struggling for direction in last few days but is still holding near the key $1800/oz level. Gold ETF (exchange traded fund) investors moved to sidelines awaiting more clarity on price direction,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold may witness choppy trade as market players assess virus situation as well as geopolitical issues however general bias may be on the upside amid increasing challenges to global economy,” he added.