Gold Rate In India: Domestic gold futures jumped nearly 1 per cent to touch the Rs 46,100 per 10 grams mark on Monday amid mild gains in global rates. MCX gold futures rose by as much as Rs 402 per 10 grams to Rs 46,100 per 10 grams at the strongest level of the day, compared to their previous close of Rs 45,698 per 10 grams. At 1:39 pm, the gold futures contract – for delivery on August 5 – was up 0.86 per cent (Rs 392 per 10 grams) at Rs 46,090 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 46,400 per 10 grams, and silver at Rs 47,570 per kilogram – both excluding Goods and Services Tax (GST).
IBJA #StayHomeStaySafe (@IBJA1919) June 8, 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 inched up although safe-haven demand remained subdued, after prices fell to a more than one-month low in the last session as an unexpected jump in US employment boosted hopes for a swift economic recovery.
Spot gold was last seen trading 0.1 per cent higher at $1,682.57 per ounce.
Domestic stock markets rose more than 1 per cent on Monday amid gains in financial and IT stocks. Sentiment was boosted as Asia’s third largest economy emerged from the coronavirus lockdowns amid hopes of recovery in global economy.
The S&P BSE Sensex index climbed up 1.87 per cent – or 640.56 points – to touch 34,927.80 at the strongest level of the day, having started the session up 553.93 points at 34,841.17, the broader NSE Nifty 50 benchmark strengthened to as high as 10,328.50 compared to its previous close of 10,142.15 before trimming intraday gains.
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 is trading marginally higher near $1690/oz following a 2.6 per cent decline in the previous session. A surprisingly strong US labour data on Friday has taken away the safe haven element from gold as investors booked profits in the metal. However bargain buying, US-China tensions might keep price supported near $1680/oz,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold may continue to witness weaker trade in the very near term however in the short term… The general bias remains on the downside unless we see a major correction in equity markets,” he added.