Gold Price Today: Gold Futures Turn Positive To Cross Rs 46,450 As Equities Tumble

Current Gold Price In India: MCX gold futures fell to as low as Rs 46,491/10 grams during the session

Gold Rate In India: Domestic gold futures recovered early losses to trade above the Rs 46,450 per 10 grams mark on Tuesday, as equity markets tumbled more than 1 per cent in the last hour of the session. MCX gold futures jumped to as high as Rs 46,491 per grams in evening, gaining by Rs 390 or 0.85 per cent from their previous close, having declined to Rs 45,950 per 10 grams earlier. At 4:11 pm, the gold futures contract – for delivery on August 5 – was up 0.77 per cent (Rs 357 per 10 grams) at Rs 46,458 per 10 grams compared to its previous close of Rs 46,101 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 closed more than 1 per cent lower as banks and heavyweight Reliance Industries declined, with a broader rally on hopes of a quicker global economic recovery coming to a halt. The Nifty and Sensex each closed 1.2 per cent lower at 10,046.65 and 33,956.69 respectively.

Earlier in the session, the indices had risen more than 1 per cent each as shopping malls and restaurants reopened this week following the world’s biggest coronavirus lockdown, even as the number of new cases climbed steeply.

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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