Gold Futures Hover Near Rs 49,100 Per 10 Grams Mark As Global Rate Headed For 5th Weekly Gain

Gold Rate In India: Domestic gold futures registered mild gains to trade near the Rs 49,100 per 10 grams mark on Friday tracking global rates, which hovered near $1,800 per ounce and headed for a fifth weekly gain in a row. MCX gold futures due for delivery on August 5 gained by Rs 237 - or 0.48 per cent - to Rs 49,115 per 10 grams at the strongest level recorded during the session, not far from an all-time high of Rs 49,348 per 10 grams registered this week. Silver futures - due for a September 4 delivery - climbed up as much as 0.78 per cent to touch Rs 51,488 per kilogram.  (Track Gold Rate In India Here)

Here's all you need to know about the gold rates today:

#Gold and #Silver Opening #Rates for 10/07/2020#IBJA pic.twitter.com/wJCXrYXhqx

July 10, 2020

At 2:51 pm, gold futures traded 0.43 per cent higher at Rs 49,090 per 10 grams on the MCX, while silver futures were up 0.7 per cent at Rs 51,450 per kilogram.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 49,101 per 10 grams, and silver at Rs 50,477 per kilogram - both excluding Goods and Services Tax.

The retail price of gold jewellery varies in different parts of India, which is the second largest consumer of the precious metal, due to factors such as excise duty, state taxes and making charges. 

(Also Read: Sovereign Gold Bond Subscription Window Closes Today)

In the international market, gold rates eased on Friday pressured by a stronger dollar and hovered near the key $1,800 per ounce milestone, but was set for a fifth straight weekly gain as a spike in US COVID-19 infections underpinned safe-haven appetite. Spot gold was last seen trading down
0.4 per cent at $1,796.03 per ounce.

Domestic stock markets fell as a relentless surge in domestic COVID-19 cases dashed hopes of a quick recovery in an already-slowing economy battered by the pandemic. The S&P BSE Sensex index declined as much as 0.92 per cent - or 336.58 points - to 36,401.11 during the session, and the broader NSE Nifty 50 benchmark slid to as low as 10,713.00, having started the session weaker at 10,764.10 compared to its previous close of 10,813.45.

What Analysts Say On Current Gold Rate

"Gold fell yesterday amid some profit-taking after recent rally to 2011 highs. US weekly jobless claims rose by less than market expectations highlighting recovery in labour market. Gold fell also on uncertainty about pace of stimulus measures. US is considering additional stimulus checks for individuals but at a lesser level while European Union leaders are struggling to come to a consensus on the recovery fund," said Ravindra Rao, VP-head commodity research at Kotak Securities.

"We may see choppy trade as market players assess coronavirus and geopolitical risks however buying may emerge at lower levels amid persisting risks to global economy," he added.

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