Gold Rate Today: Gold Futures Soar Over 2% To Reclaim Rs 46,250 Mark Amid COVID-19 Fears
Gold futures jumped more than 2 per cent on Monday as the country entered the twentieth day of a nationwide lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose as much as 2.41 per cent - or Rs 1,091 per 10 grams - to touch Rs 46,385 per 10 grams during the session, compared to their previous close of Rs 45,294 per 10 grams. The gold futures contract (delivery on June 5) settled at Rs 46,255 per 10 grams for the day, up 2.12 per cent - or Rs 961 per 10 grams - compared to the previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 46,034 per 10 grams and silver at Rs 42,900 per kilogram - both excluding Goods and Services Tax (GST).
#Gold and #Silver Closing #Rates for 13/04/2020#IBJA pic.twitter.com/yrEED8Se6w
April 13, 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.
In the international market, gold prices edged lower on Monday as investors booked profits after prices hit a one-month high last week, while worries over a coronavirus-driven steeper global economic downturn and the Federal Reserve's stimulus measures limited bullion's losses.
Spot gold was last seen trading 0.4 per cent lower at $1,681.49 per ounce.
Domestic stock markets fell on Monday as the economy looked set to extend a lockdown to contain the spread of the coronavirus. The S&P BSE Sensex index closed 469.60 points - or 1.51 per cent - lower at 30,690.02, while the broader NSE Nifty benchmark slid 118.05 points (1.30 per cent) to settle at 8,993.85.
Last month, 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
Analysts said some more upside can be expected in gold prices as the lockdown increases the yellow metal's appeal as a safe haven.
“COMEX gold has slipped over 1 per cent to trade near $1730/oz after rallying to 2012 highs in previous session. Stability in US dollar has led to some profit taking in gold. However, supporting price is increasing risks from virus outbreak and more stimulus measures taken by governments globally,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although COMEX gold is trading above $1700 /oz sustenance above this level is a key for the bulls to take it till $1800/oz,” he added.
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