Gold Rate In India: Domestic gold futures moved in a tight range on Friday, but still held above the Rs 48,000 per 10 grams mark and were not far from an all-time high registered this week. MCX gold futures due for delivery on August 5 moved between Rs 47,964 and Rs 48,150 per 10 grams, compared to their previous close of Rs 48,158. Silver futures on the bourse were also rangebound, between Rs 48,412 and Rs 48,494 per kilogram, compared to their previous close of Rs 48,103 per kilogram. At 12:28 pm, gold futures quoted down 0.04 per cent at Rs 48,139 per 10 grams. (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 48,357 per 10 grams, and silver at Rs 48,594 per kilogram – both excluding Goods and Services Tax (GST).
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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 was flat, trading in a $4 range on Friday, as worries over surging coronavirus cases globally and lingering trade tensions between the US and China overshadowed strong US jobs data. Spot gold was last seen trading little changed at $1,774.18 per ounce.
Domestic stock markets traded near four-month highs, tracking gains in other Asian markets, after robust data from the US and China bolstered hopes of a global economic rebound, but a record spike in domestic coronavirus cases capped gains.
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
“After a brief break above the $1800/oz level earlier this week, gold has turned rangebound amid mixed cues. Supporting price is strong investor interest and increasing concerns about coronavirus outbreak and US-China tensions. However, weighing on price is signs of economic recovery in major economies and weaker consumer demand,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold may continue to witness choppy trade as market players assess whether rising risk from virus cases may hurt economic recovery however general bias may be on the upside,” he added.