Gold Price Today: Gold Futures Rise Nearly 1% To Touch Rs 46,800 Mark Amid COVID-19 Crisis

Gold Rate Today: MCX gold futures rose to as high as Rs 46,838/10 grams during the session
Gold Rate Today: MCX gold futures rose to as high as Rs 46,838/10 grams during the session

Gold Rate In India: Domestic gold futures rose on Friday to touch the Rs 46,800 per 10 grams mark despite weakness in global rates on account of profit booking. MCX gold futures rose by as much as Rs 411 per 10 grams - or 0.89 per cent - to touch Rs 46,838 per 10 grams, compared to their previous close of Rs 46,427 per 10 grams. At 1:52 pm, the gold futures contract (delivery on June 5) was up by Rs 303 per 10 grams - or 0.65 per cent - at Rs 46,730 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 46,496 per 10 grams and silver at Rs 42,010 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 eased as investors booked profit after a 1 per cent rise in the previous session, but weak economic data from the United States and Europe due to the novel coronavirus kept bullion on track for a weekly gain.

Spot gold rate was last seen down 0.6 per cent at $1,721.15 per ounce, but was up about 2.2 per cent for the week so far.

Domestic share markets fell more than 1 per cent, tracking weak global markets, after US data underscored the economic damage caused by the coronavirus pandemic and reports that an experimental drug to treat COVID-19 showed inconclusive results. The S&P BSE Sensex lost as much as 1.84 per cent - or 584.81 points - to 31,278.27 during the session, whereas the broader NSE Nifty 50 benchmark fell as much as 1.81 per cent - or 168.9 points - to 9,145.00.

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

“Gold traded mixed on support from weaker economic data, continuing stimulus measures, US-Iran tensions and continuing ETF inflows,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

"However a firmer US dollar and some improvements in virus related situation is capping the gains in the yellow metal. COMEX gold is trading near key resistance zone of $1750/Oz and support is at $1732/Oz,” he added.