Here are 10 things to know about gold prices today:
The MCX gold futures ended the session 0.39 per cent lower at Rs 48,573 per 10 grams, having surged to their all-time high of Rs 48,982 per 10 grams earlier. At the current level, gold is up more than 24 per cent so far this year, following a gain of nearly 25 per cent in 2019. (Track Gold Rate In India Here)
However, gold prices hovering near all-time highs in the past few weeks have kept retail demand at bay in India, the world's second largest consumer of the precious metal.
India's gold imports dropped 99 per cent in May as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus.
"Consumer demand remains weak amid higher price and slack economic growth. Weaker consumer demand is evident from the sharp drop in Chinese gold imports," Ravindra Rao, VP-head commodity research at Kotak Securities, told NDTV.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 48,886 per 10 grams, excluding Goods and Services Tax (GST).
The bullion rate in Delhi jumped more than 1 per cent to Rs 49,908 per 10 grams, from Rs 49,261 per 10 grams the previous day. Silver prices climbed by Rs 1,611 per kilogram to Rs 51,870 per kilogram.
Gold jewellery prices vary in different parts of India due to factors such as excise duty, state taxes and making charges. The price includes a 12.5 per cent import tax and 3 per cent sales tax.
In the international market, spot gold firmed near an eight-year peak of $1,788.06 per ounce on Wednesday, as a spike in coronavirus cases in the US and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.
The country's commodity exchanges currently trade for a shorter duration in a shift from the practice of allowing trading till midnight, in the wake of coronavirus pandemic. Trading now begins at 9 am and ends at 5 pm, instead of 11:50 pm earlier.
According to news agency Reuters, the coronavirus has infected more than 10.48 million people worldwide so far.