Gold Price In India: Domestic gold futures registered mild gains on Wednesday to touch the Rs 45,550 per 10 grams mark tracking weakness in global rates. MCX gold futures rose by as much as Rs 195 per 10 grams – or 0.43 per cent – to Rs 45,566 per 10 grams, compared to their previous close of Rs 45,371 per 10 grams. At 11:31 am, the gold futures contract (delivery on June 5) traded Rs 38 per 10 grams – or 0.08 per cent – higher at Rs 45,409 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)
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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 eased on expectations that supplies will grow as bullion refineries resume operations.
Spot gold was last seen trading 0.3 per cent higher at $1,691.54 per ounce.
The dollar index – which gauges the greenback’s strength against six peers overseas – rose as much as 0.14 per cent on Thursday, and was last up 0.13 per cent.
Domestic stock markets swung between gains and losses as losses in financial and energy stocks offset gains in pharmaceutical shares. At 11:40 am, the S&P BSE Sensex index traded 121.33 points – or 0.38 per cent – lower at 31,564.42, while the Nifty was down 40.95 points – or 0.44 per cent – at 9,229.95.
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
“Bullish factors like disappointing economic data, downbeat forecasts, interest rate cuts by central banks and US-China tensions are countered by firmness in US dollar, and risk-on due to opening up of the economies,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Mixed factors might keep gold range bound however a bargain buying can be seen at lower levels,” he added.