Gold Rate Today: Gold Futures Hover Near Rs 39,800 Per 10 Grams Amid Coronavirus Fear
Gold prices registered mild gains on Thursday amid a prolonged selloff in equity markets. MCX gold futures rose by Rs 376 per 10 grams - or 0.95 per cent - from their previous close to hit Rs 40,099 per 10 grams at the strongest level of the day, before giving up most of those gains. At 1:20 pm, the gold futures contract (delivery on April 3) was up 0.19 per cent (Rs 77.00 per 10 grams) at Rs 39,800 per 10 grams, compared with the previous close of Rs 39,723 per 10 grams.
According to Mumbai-based industry body IBJA or India Bullion and Jewellers Association, the indicative selling price of gold jewellery stood at Rs 40,620 per 10 grams (excluding GST) in the first half of the day.
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.
#IBJA's indicative #Retail selling #Rates for #Gold #Jewellery
March 18, 2020
To get these rates on your phone give a missed call on - 8955664433 pic.twitter.com/8qfUyYfSA1In the international market, gold rates rose after a steep fall in the previous session, as the European Central Bank's measures to mitigate the economic effects of the coronavirus epidemic lifted investor sentiment.
Spot gold prices were last seen trading 0.4 per cent up at $1,491.40 per ounce, having risen 1 per cent earlier in the session.
Analysts said gold prices took support from global cues and the selloff in domestic equity markets as investors weighed the impact of the coronavirus pandemic on world business as the number of cases increased. Typically, gold shares an inverse relation with equities.
Benchmark equity market benchmarks S&P BSE Sensex and the broader NSE Nifty 50 plunged as much as 7.46 per cent and 7.51 per cent respectively before trimming most of those losses. At 1:15 pm, the Sensex traded 557.09 points - or 1.88 per cent - lower at 28,232.87 while the Nifty was down 185.75 points - or 2.45 per cent - at 8,20.10.
What Analysts Say On Current Gold Rate
Analysts say gold rates may pick up in the near term due to fears the coronavirus outbreak may hamper world economy.
“COMEX gold trades higher near $1485/oz supported by monetary easing and fiscal measures taken by major central banks and governments to mitigate the economic impact of the virus outbreak. However, weighing on price is weaker investor interest and weakening outlook for consumer demand. With increasing panic in the market, market players are also choosing safety of US dollar over other asset classes,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Gold may continue with recent broad range of $1450-1550/oz but general bias may be on the downside unless US dollar corrects,” he added.
"Spot gold for 24 Karat in Delhi were trading up by Rs 31 thanks to sharp rupee depreciation and steady international gold prices," said Tapan Patel, senior analyst (commodities) at HDFC Securities.
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