Gold Rate In India: Domestic gold futures slid to as low as ₹46,600 per 10 grams on Wednesday amid volatile trade, tracking weakness in global rates. MCX gold futures declined by ₹196 per 10 grams – or 0.42 per cent – to ₹46,600 per 10 grams mark at the weakest level during the session, compared to their previous close of ₹46,796 per 10 grams. The gold futures contract (delivery on June 5) was last seen trading at ₹46,650 per 10 grams – down 0.31 per cent (₹146 per 10 grams) compared to its previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at ₹46,689 per 10 grams, and silver at ₹48,220 per kilogram – both excluding Goods and Services Tax (GST).
IBJA #StayHomeStaySafe (@IBJA1919) June 3, 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. (Track Gold Rate In India Here)
In the international market, gold prices extended losses as equities jumped to three-month highs on optimism over global economic recovery, though losses were limited by a weaker US dollar and civil unrest in the United States. Spot gold was last seen trading down 0.5 per cent at $1,718.26 per ounce.
Domestic equity markets ended at 12-week highs, extending a rally for the sixth day running, backed by strong buying interest in financial stocks. The Sensex closed 284.01 points higher at 34,109.54 and the Nifty settled at 10,061.55, up 82.45 points from its previous close – their highest closing levels 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
“COMEX gold once again failed to sustain above $1750/oz… Buoyant equity markets have taken the safe haven-appeal of gold however there are still lot of worries in global economy which can push gold higher,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Escalating US-China tensions, civil unrest in the US, loose monetary stance by central bankers and strong ETF (exchange traded fund) inflows would support gold prices to move higher .Traders will now wait for the European Central Bank meeting tomorrow and the US non-farm payrolls report due on Friday to take a further cue on gold prices,” he added.