Gold Rate In India: Domestic gold futures strengthened to touch the Rs 47,350 per 10 grams mark on Wednesday, as the country remained in the fourth phase of an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose by as much as Rs 304 per 10 grams - or 0.65 per cent - to Rs 47,354 per 10 grams, compared to their previous close of Rs 47,050 per 10 grams. At 12:56 pm, the gold futures contract (delivery on June 5) was up 0.64 per cent (by Rs 299 per 10 grams) at Rs 47,349 per 10 grams.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 47,356 per 10 grams, and silver at Rs 48,315 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 firmed buoyed by rising demand for safe-haven investments, as the extent of damage from the coronavirus became more apparent following bleak data from major economies and optimism about a potential vaccine fizzled out.
Spot gold was last seen trading up 0.2 per cent at $1,746.58 per ounce.
Domestic equity market benchmarks S&P BSE Sensex and NSE Nifty 50 rose more than 1 per cent led by buying interest in financial and consumer goods stocks, after the government said further stimulus measures are not ruled out to aid an economic recovery.
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
“After a brief pull back till the support levels of $1730 per ounce, COMEX gold has once again risen to trade near $1755/oz .Choppy equity markets and weaker US dollar are supporting the shiny metal. Mixed economic data, downbeat assessment by Fed (US central bank) and US Congressional Budget Office have fueled concerns about US economy while enthusiasm over a COVID-19 vaccine waned as experts said there was not enough data to assess,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"The general bias may be on the upside as weaker economic outlook will make a case for central banks to continue with stimulus measures,” he added.