Gold Price Today: Gold Futures Fall Below Rs 46,650/10 Grams Mark Tracking Global Rates
Gold Rate In India: Domestic gold futures weakened below the Rs 46,650 per 10 grams on Tuesday tracking global rates, 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 declined by Rs 361 per 10 grams - or 0.77 per cent - to Rs 46,612 per 10 grams mark at the weakest level during the session, compared to their previous close of Rs 46,973 per 10 grams. At 4:56 pm, the gold futures contract (delivery on June 5) traded at Rs 46,742.00 per 10 grams - down 0.49 per cent or by Rs 231 per 10 grams compared to its previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 47,090 per 10 grams, and silver at Rs 47,985 per kilogram - both excluding Goods and Services Tax (GST).
#Gold and #Silver Opening #Rates for 26/05/2020#IBJA pic.twitter.com/HvnwGclmuH
May 26, 2020Gold 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 edged lower as hopes of economic recovery lifted share markets with many countries easing coronavirus-driven lockdowns, although US-China tensions over Hong Kong limited bullion's losses.
Spot gold was last seen trading down 0.3 per cent at $1,724.74 per ounce.
Domestic equity markets erased all of the intraday gains after benchmark indices S&P BSE Sensex and NSE Nifty 50 rose more than 1 per cent. The Sensex ended 63.29 points - or 0.21 per cent - lower at 30,609.30 and the Nifty settled at 9,029.05, down 10.20 points (0.11 per cent) compared to its previous close.
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
“Global growth worries, US-China tensions, hopes of additional stimulus and ETF (exchange traded fund) flows is providing a floor to prices and relative stability in equity markets and weaker Chinese and Indian demand is capping the gains,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although Gold has been struggling to build on its upward momentum we expect price to hold above $1700/oz amid global growth worries and geopolitical issues,” he added.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
