Gold Rate In India: Domestic gold futures barely moved on Tuesday despite easing global rates as equity markets continued their rally for a fourth straight day. MCX gold futures moved in a range of Rs 47,731-48,019 per 10 grams before turning flat in evening trade, compared to their previous close of Rs 47,944 per 10 grams. At 5:24 pm, the gold futures contract - for delivery on August 5 - was down 0.06 per cent (or Rs 31 per 10 grams) at Rs 47,913 per 10 grams. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 48,120 per 10 grams, and silver at Rs 48,440 per kilogram - both excluding Goods and Services Tax (GST).
#Gold and #Silver Closing #Rates for 23/06/2020#IBJA pic.twitter.com/5emE7YEvpR
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 on Tuesday on expectations of positive manufacturing data from the euro zone, but concerns over a second coronavirus wave kept the safe-haven metal near its highest level in more than a month.
Spot gold was last seen trading 0.3 per cent lower at at $1,749.80, a day after it climbed to $1,762.84 an ounce - its highest since May 18.
Domestic stock markets continued to rise for a fourth straight session on Tuesday, propelled by gains across sectors and foreign fund inflows. The NSE Nifty 50 index rose 159.80 points - or 1.55 per cent - to end at 10,471.00, its highest since March 11.
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 trades marginally higher near $1767/oz after a 0.8 per cent gain yesterday. Safe-haven buying amid rising virus cases, US-China tensions, geopolitical issues relating to Hong Kong and mixed economic data from major economies supported gold prices,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Gold may continue to witness a sideways to positive trade as market players assess coronavirus risk however general bias may be on the upside amid increasing challenges to global economy and continuing stimulus measures,” he added.
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