Gold Price In India: Domestic gold futures rose on Monday to touch the Rs 46,650 per 10 grams mark despite weakness in global rates amid gains in equities. MCX gold futures rose by as much as Rs 123 per 10 grams - or 0.26 per cent - to Rs 46,650 per 10 grams, compared to their previous close of Rs 46,527 per 10 grams. At 10:08 am, the gold futures contract (delivery on June 5) was up by Rs 23 per 10 grams - or 0.05 per cent - at Rs 46,550 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 46,406 per 10 grams and silver at Rs 42,020 per kilogram - both excluding Goods and Services Tax (GST).
#Gold and #Silver Opening #Rates for 27/04/2020#IBJA pic.twitter.com/cDxH39Vtpi
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 edged lower as equities firmed, while expectations for more economic stimulus measures limited losses.
Spot gold rate was last seen down 0.3 per cent at $1,722.49 per ounce.
Domestic share markets rose 2 per cent tracking global markets, amid gains across sectors led by banking, automobile and pharmaceutical shares. The S&P BSE Sensex index climbed as much as 2.08 per cent - or 650.6 points - to touch 31,977.82, having started the session up 331.82 points at 31,327.22. The broader NSE Nifty 50 benchmark rose to as high as 9,345.65, after opening at 9,259.70 compared to the previous close of 9,154.40.
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 bulls have pushed COMEX gold higher again however lack of fresh triggers has put a cap on prices. Gold is struggling to sustain above $1750/Oz. Supporting price is hopes of additional monetary easing measures and marginal correction in US dollar,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Weighing on price is improving situation in some hotspots and weaker consumer demand however Disappointing economic data and ETF (exchange traded fund) inflows might provide a floor,” he added.
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