Gold Rate In India: Domestic gold futures rose above the Rs 48,900 per 10 grams mark on Wednesday, and were inches from an all-time of Rs 48,982 per 10 grams registered recently. MCX gold futures due for delivery on August 5 climbed by Rs 140 – or 0.29 per cent – to touch Rs 48,940 per 10 grams at the strongest level recorded during the session, compared to their previous close of Rs 48,800 per 10 grams. At 3:09 pm, gold futures traded 0.27 per cent higher at Rs 48,930 per 10 grams, while silver futures (September 4) were up 0.60 per cent at Rs 50,502 per kilogram.
Here’s all you need to know about the gold rates today:
— IBJA (@IBJA1919) July 8, 2020
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 48,954 per 10 grams, and silver at Rs 49,781 per kilogram – both excluding Goods and Services Tax. (Track Gold Rate In India Here)
The retail price of gold jewellery varies in different parts of India, which is 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 rates held steady near a more than eight-year high on Wednesday, with investors hitting pause on a rally fuelled by a surge in coronavirus cases and hopes of more stimulus measures from the US central bank. Spot gold was last seen trading little changed at $1,794.62 per ounce, a day after hitting its highest since November 2011 at $1,796.93.
Domestic stock markets were set to end a volatile session more than 1 per cent lower, following a rally that stretched to five days in a row.
What Analysts Say On Current Gold Rate
“After days of consolidation near the $1,780/oz, gold regained momentum to break above $1,800/oz opening way for further gains. Supporting the gold price is safe-haven buying amid rising virus concerns and uncertainty about global economic recovery,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold has rescaled $1,800/oz level opening way for more upside provided it sustains above $1,800 for few sessions,” he added.
Commodity exchanges currently allow trading for reduced hours in view of the coronavirus pandemic. Trading now begins at 9 am to end at 5 pm, instead of 11:50 pm earlier.