Gold Rate In India: Domestic gold futures weakened below the Rs 46,900 per 10 grams briefly on Tuesday amid weakness in global rates. MCX gold futures declined by Rs 218 per 10 grams - or 0.46 per cent - to Rs 46,865 per 10 grams mark at the weakest level during the session, compared to their previous close of Rs 47,083 per 10 grams. The gold futures contract (delivery on June 5) settled at Rs 46,950.00 per 10 grams for the day - down 0.28 per cent compared to the previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 47,075 per 10 grams, and silver at Rs 49,540 per kilogram - both excluding Goods and Services Tax (GST).
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. (Track Gold Rate In India Here)
In the international market, gold prices slipped as hopes for a gradual recovery in economic growth rose following easing of lockdowns, though deteriorating US-China relations and fears over the spread of the coronavirus amid protests in the United States limited losses.
Spot gold was last seen trading down 0.3 per cent at $1,734.66 per ounce.
Domestic equity markets continued their rally for the fifth consecutive session, propelled by gains in banking and financial services stocks. The NSE Nifty 50 index ended up 1.56 per cent at 9,979.10, while the leaner S&P BSE Sensex benchmark climbed 1.57 per cent to 33,825.
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 has been trading in a range as stability in equity markets have moved safe haven investors to sidelines. Although escalating US-China tensions, robust ETF (exchange traded fund) inflows, mixed to weak economic data pointers and a weak dollar is supportive of prices stable equity markets have capped the gains,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"A good correction in equity markets should boost gold's appeal as a safe haven. Till then, the range move in gold might continue,” he added.