Gold Rate In India: Domestic gold futures soared more than 1 per cent to touch the Rs 47,200 per 10 grams mark on Thursday amid weakness in equity markets. MCX gold futures rose by Rs 608 per 10 grams - or 1.30 per cent - to Rs 47,234 per 10 grams mark at the strongest level during the session, compared to their previous close of Rs 46,626 per 10 grams. At 11:26 am, the gold futures contract - for delivery on August 5 - traded up 1.04 per cent (or Rs 484 per 10 grams) at Rs 47,110 per 10 grams. (Track Gold Rate In India Here)
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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 profits after prices rose to a more than a one-week high on bleak economic projections from the Federal Reserve. Spot gold was last seen trading 0.2 per cent at $1,732.39 per ounce.
Domestic stock markets fell amid selling pressure in financial and pharmaceutical stocks. The S&P BSE Sensex dropped as much as 0.80 per cent - or 272.4 points - to hit 33,974.65 in morning deals, and the broader NSE Nifty 50 benchmark slid to as low as 10,041.35 compared to its previous close of 10,116.15.
In March, 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
“COMEX gold rose after the Fed's decision to keep interest rates low till at least 2022. Gold gained by more than 1 per cent to trade above $1740/oz. Fed's downbeat growth forecast supported the bull case in the metal. ETF (exchange traded fund) inflows also show renewed investor interest. Although gold has bounced back, it is still below the crucial levels of $1750/oz and a major resistance of $1770/oz,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Until it stays below these levels the momentum in the metal will be choppy. However the general bias remains on the upside amid growth concerns,” he added.
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