Gold Rate In India: Domestic gold futures held above the Rs 47,900 per 10 grams mark on Monday. MCX gold futures moved in a range of Rs 47,792-48,289 per 10 grams before turning flat in evening trade, compared to their previous close of Rs 47,937 per 10 grams. At 5:21 pm, the gold futures contract – for delivery on August 5 – was down 0.04 per cent (or Rs 17 per 10 grams) at Rs 47,920 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 48,300 per 10 grams, and silver at Rs 49,061 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 prices held firm on Monday, having scaled a more than one-month peak, as a resurgence of coronavirus infections in many countries raised concerns over a swift global economic recovery.
Spot gold was last seen trading 0.3 per cent higher at $1,747.59 per ounce.
Domestic share markets closed at a three-month high on Monday as domestic regulatory approvals to manufacture COVID-19 drugs lifted pharmaceutical stocks, outweighing the impact of a surge in domestic as well as global coronavirus cases over the weekend.
The NSE Nifty 50 index – which has recovered ground after taking a hit from worries about a violent border clash with China last week – ended up 0.65 per cent at 10,311, its highest since March 11.
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 trading in a broad range of $1,680-1,750/oz, COMEX gold finally broke out on the upside supported by safe-haven buying amid increasing coronavirus cases, US-China tensions and geopolitical issues. As of this writing gold is trading at $1770/oz up more than 1 per cent,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Sharp exchange traded fund inflows also show renewed buying over $1750/oz level. Gold is expected to trade with the positive bias as the bulls might target the recent highs near $1788/oz,” he added.