Gold Price In India: Domestic gold futures edged higher on Wednesday to touch the Rs 45,800 per 10 grams mark tracking weakness in global rates. MCX gold futures declined by as much as Rs 97 per 10 grams – or 0.21 per cent – to Rs 45,848 per 10 grams, compared to their previous close of Rs 45,751 per 10 grams. At 2:17 pm, the gold futures contract (delivery on June 5) traded Rs 29 per 10 grams – or 0.06 per cent – higher at Rs 45,780 per 10 grams. Gold futures registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus (COVID-19) pandemic boosted the yellow metal’s appeal as a safe haven. (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 45,914 per 10 grams and silver at Rs 41,720 per kilogram – both excluding Goods and Services Tax (GST).
IBJA #StayHomeStaySafe (@IBJA1919) May 6, 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 inched lower as equities rose on upbeat risk sentiment stemming from gradual reopening of many economies, while a firmer dollar also weighed on prices.
Spot gold was last seen trading 0.1 per cent lower at to $1,704.88 per ounce.
The dollar index – which gauges the greenback’s strength against six peers overseas – rose as much as 0.45 per cent on Wednesday, and was last up 0.42 per cent.
Domestic stock markets fluctuated moved in a tight range amid choppy trade on Wednesday, and in late afternoon deals were on course to break a two-day falling streak. At 2:30 pm, the S&P BSE Sensex index traded 93.77 points – or 0.30 per cent – higher at 31,547.28, while the Nifty was up 18.75 points – or 0.20 per cent – at 9,224.35.
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 trading in a range for past few sessions as mixed triggers have kept the investors confused. The yellow metal is taking support from US-China tensions, global growth worries and ETF (exchange traded fund) inflows whereas the gains are capped due to stronger US dollar and easing virus related restrictions,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“We expect the range bound move to continue until $1740/oz and $1700/oz holds,” he added.