Gold Rate In India: Domestic gold and silver futures swung between gains and losses on Monday. MCX gold futures – due for delivery on August 5 – moved between Rs 48,858 and Rs 48,985 per 10 grams, compared to their previous close of Rs 48,967. Silver futures traded between Rs 52,735 and Rs 53,018 compared to their previous close of Rs 52,899. At 12:39 pm, gold futures traded 0.11 per cent – or Rs 52 – lower at Rs 48,915 on the MCX, while silver futures were down 0.13 per cent at Rs 52,830. (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 49,221 per 10 grams, and silver at Rs 51,188 per kilogram – both excluding Goods and Services Tax (GST).
— IBJA (@IBJA1919) July 20, 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 price edged lower on Monday due to a stronger US dollar, but worries over a surge in coronavirus cases and its impact on the global economy kept the safe-haven metal above the psychological level of $1,800 per ounce. Spot gold was last seen trading 0.1 per cent lower at $1,807.80 per ounce.
Domestic stock markets climbed up more than 1 per cent backed by buying interest in financial and IT stocks. Heavyweight HDFC Bank added to last week’s strong earnings releases from IT companies, countering the impact of the surge in domestic coronavirus cases past one million.
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
“Gold continues to trade in a range near $1800/oz as market players await fresh triggers. The wait-and-watch trend is also evident from unchanged ETF (exchange traded funds) holdings. Gold holdings with SPDR ETF were unchanged for a third day at 1206.888 tonnes, the highest level since,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Gold may witness choppy trade as market players assess virus situation as well as geopolitical issues however general bias may be on the upside amid increasing challenges to global economy,” he added.