Gold Price In India: Domestic gold futures dropped on Tuesday tracking global rates, but managed to hold the Rs 48,850 per 10 grams mark. MCX gold futures due for delivery on August 5 declined by Rs 292 - or 0.59 per cent - to Rs 48,856 per 10 grams at the weakest level recorded during the session. Silver futures - due for a September 4 delivery - dropped to as low Rs 52,320 per kilogram, down Rs 728 or 1.37 per cent from their previous close. (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
At 10:43 am, gold futures traded 0.59 per cent lower at Rs 48,860 per 10 grams on the MCX, while silver futures were down 1.35 per cent at Rs 52,332 per kilogram.
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.
Globally, gold prices slipped below the key $1,800 per ounce mark on Tuesday, as the US dollar strengthened, although worries over surging coronavirus cases globally and US-China tensions put a floor under bullion prices. Spot gold was last seen trading down 0.30 per cent at $1,797.45 per ounce.
Domestic stock markets dropped as COVID-19 cases in the country continued to surge, while a weak performance among Asian peers also weighed on the sentiment. The S&P BSE Sensex index declined as much as 1.73 per cent to 36,060.51 in late morning deals, and the broader NSE Nifty 50 benchmark slid to as low as 10,616.65, down 1.72 per cent from its previous close, as a selloff in financial, auto and metal stocks pulled the markets lower.
What Analysts Say On Current Gold Rate
"Gold has been struggling to hold momentum after failing to break past the $1830/oz level but is still holding in vicinity of $1800/oz. Market sentiment has wavered as market players assess rising virus (COVID-19) risks and geopolitical issues against hopes of continued economic recovery and signs of progress in vaccine development," said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Gold may witness choppy trade as market players assess virus and geopolitical risks however the general bias may be on the upside amid increasing challenges to global economy," he added.
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