Gold Rate In India: Domestic gold futures jumped more than 1 per cent before trimming gains on Tuesday, as global rates moved up amid weakness in the dollar. MCX gold futures rose by as much as Rs 498 per 10 grams to touch Rs 47,524 per 10 grams at the strongest level recorded during the session, compared to their previous close of Rs 47,026 per 10 grams. At 4:35 pm, the gold futures contract – for delivery on August 5 – was up 0.69 per cent (Rs 324 per 10 grams) at Rs 47,350 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 47,314 per 10 grams, and silver at Rs 47,545 per kilogram – both excluding Goods and Services Tax (GST).
IBJA #StayHomeStaySafe (@IBJA1919) June 16, 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 rose supported by a weaker dollar as well as the US central bank’s announcement of details of a plan to start buying corporate debt to revive the world’s largest economy.
Spot gold was last seen trading 0.3 per cent higher at $1,729.05 per ounce.
Domestic share markets gained more than 1 per cent, having turned negative briefly amid fears of escalating tensions between India and China. The S&P BSE Sensex index ended 376.42 points higher at 33,605.22 and the NSE Nifty 50 added 100.30 points to shut shop at 9,914.00. (Read More On Stock Markets)
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 settled 0.6 per cent lower at $1727.10/oz as risk-on re-emerged after the White House economic advisor said that US President is determined not to close the US economy over new cases of COVID-19. However, in today’s early session, gold traded up 0.5 per cent near $1735/oz .Gold has remained choppy in last few sessions amid frequent changes in risk sentiments,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“We expect the choppiness to continue until there are mixed cues. However, the downside might be limited to $1700/oz-$1680/oz as bargain buying has been seen in the past at those levels. On the flipside, upside may be capped at $1750/oz,” he added.