Gold Price Today: Gold Futures Trim Gains After Touching Rs 43,750 Amid Coronavirus Fears
Gold prices cooled off on Wednesday after rising nearly 1 per cent as global equity markets re-assessed the severity of the coronavirus outbreak and its impact on world economy. MCX gold futures rose by Rs 304 per 10 grams - or 0.70 per cent - from their previous close to touch Rs 43,778 per 10 grams at the strongest level recorded during the session before giving up most of those gains. At 1:41 pm, the gold futures contract (delivery on April 3) traded higher by 37.00 (0.09 per cent) at Rs 43,511.00 per 10 grams, compared with its previous close of Rs 43,474 per 10 grams. Analysts said the fear of coronavirus outbreak spreading beyond China and hurting world economy increased the yellow metal's appeal as a safe haven.
According to Mumbai-based industry body IBJA or India Bullion and Jewellers Association, the indicative selling price of gold jewellery stood at Rs 43,520 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 4, 2020
To get these rates on your phone give a missed call on - 8955664433 pic.twitter.com/esDFCZaZP0What Analysts Say On Current Gold Rate
Analysts say gold rates may witness some volatility in the near term as investors assess the impact of the coronavirus pandemic on consumer demand.
“COMEX gold trades mixed near $1645/oz after a sharp 3.1 per cent rally yesterday on back of Federal Reserve's surprise move to cut interest rate by 0.5 per cent to support the economy from impact of virus outbreak. Weaker US dollar and ETF inflows also boosted gold price," said Ravindra Rao, VP-head commodity research at Kotak Securities.
"However, weighing on price are concerns about Indian and Chinese consumer demand and relative stability in equity markets of hopes of stimulus measures. Gold may trade with a firm bias as increasing risks from virus outbreak warrants additional moves by central banks,” Mr Rao added.
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