Gold Rate In India: Domestic gold futures weakened below the Rs 46,750 per 10 grams mark on Thursday tracking weakness in global rates, 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 slid by as much as Rs 530 per 10 grams - or 1.12 per cent - to Rs 46,601 per 10 grams, compared to their previous close of Rs 47,131 per 10 grams. However, gold futures (delivery on June 5) recovered some of those losses by the end of the session, settling at Rs 46,748 per 10 grams, down by Rs 383 per 10 grams or 0.81 per cent compared to the previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate of gold jewellery stood at Rs 46,986 per 10 grams, and silver at Rs 47,465 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 1 per cent, pulling away from this week's seven-and-a-half year peak as the dollar strengthened and hopes of a quick economic recovery dented bullion's safe-haven appeal.
Spot gold was last seen trading down 0.9 per cent at $1,733.90 per ounce.
Domestic equity market benchmark indices S&P BSE Sensex and NSE Nifty 50 extended gains to the third day in a row backed by buying interest in automobile, consumer goods and metal stocks. The Sensex ended 114.29 points (0.37 per cent) at 30,932.90 and the Nifty settled at 9,106.25, up 39.70 points (0.44 per cent) from the previous close.
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
“Exchange traded fund (ETF) outflows are weighing on gold price. However, we still think buying might remerge at lower levels mainly due to weaker economic data, US-China tensions, hopes of additional stimulus measures and doubts about a COVID-19 vaccine development,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although resilience in equity markets may limit upside general bias remains positive for the shiny metal as global risk factors and hopes of stimulus measures may continue to support,” he added.