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.
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).
IBJA #StayHomeStaySafe (@IBJA1919) June 22, 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 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.