Gold Price Today: Domestic Gold Futures Finish Volatile Session Mildly Higher At Rs 50,920
Gold Price Today: Domestic gold prices eked out a mild rise at the end of a volatile session on Thursday, as global rates fluctuated between gains and losses in a $25 range. Multi Commodity Exchange (MCX) gold futures - due for settlement on October 5 - moved within a wide range, between Rs 50,600 and Rs 50,970, compared to their previous close of Rs 50,821, trading mostly in the negative territory. The MCX gold futures contract settled at Rs 50,920, up 0.19 per cent - or Rs 99 - for the day. (Track Gold Price Here)
In the international market, spot gold was last seen trading 0.15 per cent higher at $1,946.50 per ounce, having moved between $1,932 and $1,956.60 per ounce earlier on Thursday. A stronger US dollar and an improving risk appetite, following better-than-expected US economic data, dented the safe-haven appeal of the yellow metal.
Gold has been one of the most consistent gainers through the six months of coronavirus pandemic-led turmoil in financial markets.
Domestic spot price settled at Rs 50,927 per 10 grams for the day, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Domestic share markets ended a choppy session lower, following two days of gain, as financial stocks and heavyweight Reliance Industries slipped, eclipsing strong gains in IT and pharma spaces. The S&P BSE Sensex index ended 0.24 per cent lower at 38,990.94, and the broader NSE Nifty 50 closed down 0.07 per cent at 11,527.45.
What Analysts Say
"Gold rallied sharply earlier this week but its failure to sustain above the $2,000/oz level led to some correction. The mixed trade in gold has been on back of a mixed movement in the US dollar," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"Gold has come off recent highs on reduced safe haven buying and US dollar recovery, however we do not expect a sustained decline as US central bank's dovish stance may limit any upside in the dollar," he added.
