Gold Price Today: Domestic Gold Futures Jump Over 1%, Near All-Time High
Gold Rate In India: Domestic gold futures held above the Rs 53,500 mark on Friday after climbing to an all-time high of Rs 53,830, tracking gains in global rates of the yellow metal. Multi Commodity Exchange (MCX) gold futures - due for delivery on August 5 - moved between Rs 53,503 and Rs 53,830 during the session, stronger compared to their previous close of Rs 53,138. At 12:15 pm, the MCX gold futures traded with a gain of Rs 602 - or 1.13 per cent - at Rs 53,740. (Track Gold Rate Here)
(Gold futures were close to a record high of Rs 53,399)
Precious metal prices have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world's two largest economies. (Also Read: Gold's "Dream Run" May Continue, Say Analysts)
Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes.
In the international market, gold prices rose on Friday, and were on course to register their best month in nearly four-and-a-half years, as the dollar slid further after dismal US data added to doubts about a swift recovery from the pandemic-induced economic slump, driving investors towards the safe-haven metal.
Spot gold was last seen trading 0.4 per cent higher at $1,967.53 per ounce, a day after snapping a nine-session winning run.
The closing rate of gold jewellery stood at Rs 53,277 per 10 grams on Thursday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Closing pic.twitter.com/lCLkfNqZMk
July 30, 2020Meanwhile, domestic stock markets were little changed on Friday, as strength in IT stocks countered a subdued results-led selloff in Reliance Industries and weakness in broader Asian markets after disappointing US economic data.
What Analysts Say On Gold Rates
"Persistent weakness in US dollar index is supporting gold. However, with no fresh triggers and position squaring near weekend and month end some choppiness is likely for the day," said Ravindra Rao, VP-head commodity research, Kotak Securities.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
