Gold Rate In India: Domestic gold futures barely moved on Thursday, but held close to their all-time highs, tracking global rates which fluctuated inches from close to nine-year highs. MCX gold futures – due for delivery on August 5 – moved between Rs 48,971 and Rs 49,245 per 10 grams, compared to their previous close of Rs 49,159. Silver futures lurked in a range of Rs 52,660-53,199 per kilogram, compared to their previous close of Rs 53,058 per kilogram. At 4:56 pm, gold futures quoted 0.21 per cent lower at Rs 49,057 per 10 grams, and silver futures were down 0.39 per cent at Rs 52,851 per kilogram. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 49,318 per 10 grams, and silver at Rs 52,150 per kilogram – both excluding Goods and Services Tax (GST).
— IBJA (@IBJA1919) July 16, 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 prices held steady near a nine-year peak on Thursday, as concerns over rising coronavirus cases and simmering US-China tensions offset some silver linings from Chinese economic data. Spot gold was last seen trading down 0.1 per cent at $1,809.62 per ounce but moved in a very tight range of about $5 – just $8.09 shy of $1,817.71, a nearly nine-year high hit last week.
Domestic stock markets closed higher on Thursday led by gains in pharmaceutical and IT stocks, even though coronavirus cases in the country inched towards one million. The S&P BSE Sensex index closed up 1.16 per cent at 36,471.68, and the broader NSE Nifty 50 benchmark up 1.15 per cent at 10,739.95.
Infosys shares surged nearly 15 per cent to a record high during the session, a day after the IT major reported a better-than-expected profit in the first quarter and reinstated its full-year revenue growth guidance.
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 is trading in a narrow range near $1800/oz as market players assess virus related development as well as geopolitical tensions relating to China. Amid range bound movement in gold, ETF (exchange traded fund) investors chose to move to sidelines,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold may witness choppy trade as market players assess the virus situation as well as geopolitical issues however the general bias may be on the upside amid rising risks to global economy and strong investor interest,” he added.