Gold Price Today: Gold Futures Rise, Return Above Rs 46,000 Mark Amid COVID-19 Fears
Domestic gold futures rose on Tuesday to hover near the Rs 46,000 per 10 grams mark despite weakness in global peers amid a strengthening dollar. MCX gold futures rose by as much as Rs 336 per 10 grams - or 0.74 per cent - to touch Rs 46,050 per 10 grams in the first half of the session, compared to their previous close of Rs 45,714 per 10 grams. At 11:10 am, the gold futures contract (delivery on June 5) was up by Rs 283 per 10 grams - or 0.62 per cent - at Rs 45,997 per 10 grams. (Track Gold Prices 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 46,074 per 10 grams and silver at Rs 42,710 per kilogram - both excluding Goods and Services Tax (GST).
#Gold and #Silver Opening #Rates for 21/04/2020#IBJA pic.twitter.com/3NXPXE9woo
April 21, 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 fell due to a stronger dollar, but losses were capped by reduced appetite for risk after US crude oil futures plunged below zero for the first time in history in the previous session.
Spot gold was last seen trading 0.3 per cent lower at $1,687.17 per ounce, having risen as much as 1 per cent on Monday as the oil market crash drove demand for safe havens.
Domestic share markets tumbled more than 3 per cent on Tuesday as a historic overnight plunge in US crude oil to below zero highlighted the economic damage caused by the coronavirus-led lockdowns. The S&P BSE Sensex index fell as much as 3.20 per cent - or 1,013.59 points - to 30,634.41 at the weakest level in the first half of the session, and the broader NSE Nifty 50 benchmark declined to as low as 8,969.70 compared to its previous close of 9,261.85.
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
“The outlook for gold has improved significantly in last few months as coronavirus outbreak threatens economic growth forcing central banks and governments to continue with stimulus measures. Akshay Tritiya is usually a high demand period as it is considered auspicious to buy gold,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"This year we are in a different situation as India is in a lockdown till May 3 so physical demand is likely to be low,” he added.
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