Gold Price Today: Gold Futures Trim Gains After Touching Rs 46,900 Mark

Gold Rate Today In India: MCX gold futures rose to as high as Rs 46,920/10 grams on Tuesday

Gold Rate In India: Domestic gold futures registered mild gains on Tuesday before turning flat in afternoon deals, as the country remained in the fourth phase of an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose by as much as Rs 265 per 10 grams – or 0.57 per cent – to Rs 46,920 per 10 grams, compared to their previous close of Rs 46,655 per 10 grams. At 1:55 pm, the gold futures contract (delivery on June 5) was barely up at Rs 46,660 per 10 grams. Gold futures registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus outbreak boosted the yellow metal’s appeal as a safe haven.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 46,966 per 10 grams, and silver at Rs 47,010 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. (Track Gold Rate In India Here)

In the international market, gold prices gave up early gains to trade flat below a seven-and-a-half-year high hit in the last session, as risk appetite improved on promising early-stage data for a potential COVID-19 vaccine.

Spot gold was last seen steady at $1,731.50 per ounce, after rising 0.5 per cent earlier in the day on renewed trade tensions between the US and China, and global stimulus.

Domestic stock markets trimmed gains after soaring more than 2 per cent on Tuesday in a rebound after three straight sessions of declines. Broad-based gains pushed the markets higher, amid gains in Asian shares after very early data showed US-based Moderna’s experimental COVID-19 vaccine produced protective antibodies in a small group of healthy volunteers.

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 came close to the recent highs near $1,788 per ounce and retreated… Signs of progress in a vaccine for COVID-19 reduced safe haven buying. However, weaker US dollar, US-China tensions and hopes of additional stimulus measures might keep the metal supported at lower levels,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

“Although Risk on is back the overall sentiment is still positive given the uncertain outlook of the global economy,” he added.

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