Gold Price Today: Gold Futures Slide Below Rs 46,000 Per 10 Grams Mark As Equities Rise

Current Gold Price In India: MCX gold futures fell to as low as Rs 45,954/10 grams during the session

Gold Rate In India: Domestic gold futures came below the Rs 46,000 per 10 grams mark on Tuesday amid gains in equity markets. MCX gold futures declined by as much as Rs 147 per 10 grams – or 0.32 per cent – to Rs 45,954 per 10 grams, compared to their previous close of Rs 46,101 per 10 grams. At 11:50 am, the gold futures contract – for delivery on August 5 – was down 0.20 per cent (Rs 93 per 10 grams) at Rs 46,008 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 46,483 per 10 grams, and silver at Rs 47,675 per kilogram – both excluding Goods and Services Tax (GST).

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 after a recent steep decline, boosted by hopes of a dovish monetary policy outlook from the US central bank.

Domestic stock markets rose nearly 1 per cent on Tuesday led by gains in financials and pharmaceutical stocks, as the economy limped back into operation following the world’s biggest coronavirus lockdown.

At 11:41, the S&P BSE Sensex index traded 318.75 points – or 0.93 per cent – higher at 34,689.33, while the broader NSE Nifty 50 benchmark was up 91.85 points – or 0.90 per cent – at 10,259.30.    

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 mixed near $1705/oz after a 1.3 per cent gain yesterday. Even after a firm equity market, gold has held the support of $1680. Gold has got support from mixed economic data, choppy US dollar, US-China tensions and global stimulus measures,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

“Gold might continue to hold in a broad range of $1680-1750/oz. We may see range bound trade ahead of the FOMC (Federal Open Market Committee) decision this week however general bias may be on the downside owing to strength in the equity market,” he added.

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