Gold Rate In India: Domestic gold futures rose 1 per cent to briefly cross the Rs 46,850 per 10 grams mark on Friday, in line with global rates. MCX gold futures rose by Rs 463 per 10 grams to touch the Rs 46,868 per 10 grams mark at the strongest level during the session, compared to their previous close of Rs 46,405 per 10 grams. The gold futures contract (delivery on June 5) finished the day at Rs 46,530 per 10 grams, up 0.27 per cent or Rs 125 per 10 grams compared to its previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 46,929 per 10 grams, and silver at Rs 48,435 per kilogram – both excluding Goods and Services Tax (GST).
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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 rose 1 per cent as caution set in with investors awaiting US President Donald Trump’s response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy.
Spot gold was last seen trading up 0.9 per cent at $1,734.60 per ounce.
Domestic equity markets ended a choppy trading session nearly 1 per cent higher as buying picked up in consumer goods and pharmaceutical stocks in late afternoon deals, extending gains to a third straight session. The NSE Nifty 50 index closed at a near one-month high of 9,580.30, up 90.20 points from its previous close, and the leaner S&P BSE Sensex benchmark settled up 223.51 points at 32,424.10.
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 continues to trade in a range after a 0.2 per cent gain yesterday. Safe-haven buying seems to have remerged as market players await US response to China’s move to approve Hong Kong’s security bill. ETF (exchange traded fund) inflows and weak economic data points are supporting the bull case,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
” Equity markets retreat from higher levels might keep gold supported however we maintain our view of choppy trade in the yellow metal amid mixed triggers,” he added.