Gold Rate In India: Domestic gold futures moved lower on Thursday despite global rates holding steady above the $1,750 per ounce mark amid weakness in equities. MCX gold futures declined by Rs 245 per 10 grams – or 0.51 per cent – to Rs 47,889 per 10 grams at the weakest level recorded during the session, compared to their previous close of Rs 48,134 per 10 grams. The gold futures contract – for delivery on August 5 – settled at Rs 47,930 per 10 grams, down 0.42 per cent (Rs 204 per 10 grams) for the day. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 48,137 per 10 grams, and silver at Rs 47,585 per kilogram – both excluding Goods and Services Tax (GST).
IBJA #StayHomeStaySafe (@IBJA1919) June 25, 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 steadied on Thursday as a spike in coronavirus cases dented demand for riskier assets though gains were capped by rival safe haven buying of the dollar. Spot gold was last seen trading steady at $1,762.21 per ounce, trading below its highest since October 2012 at $1,779.06, hit on Wednesday.
Domestic stock markets ended a volatile session mildly lower as investors weighed a downbeat growth outlook from the International Monetary Fund and a surge in COVID-19 cases, while gains in consumer and pharma stocks capped losses. The NSE Nifty 50 index ended down 0.16 per cent at 10,288.90, and the benchmark S&P BSE Sensex slipped 0.1 per cent to 34,842.10.
The IMF on Wednesday evening predicted the Indian economy would contract by 4.5 per cent in 2020, and said it expects global output to shrink 4.9 per cent this year – a sharper fall than the 3 per cent contraction predicted in April.
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
“COMEX gold witnessed selling pressure near $1790/ounce which was a multi-resistance zone. Today, gold is trading mixed near $1770/oz after a 0.4 per cent decline yesterday. Supportive factors remain in the form of safe haven buying and continuing ETF (exchange traded fund) inflows,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Although the general bias may be on upside the break of $1790-1792/oz on closing is very important for the bulls to take it past $1800/oz,” he added.