Gold Rate In India: Domestic gold futures edged higher to touch the Rs 46,600 per 10 grams mark on Thursday tracking global rates. MCX gold futures rose by Rs 99 per 10 grams - or 0.21 per cent - to touch the Rs 46,630 per 10 grams mark at the strongest level during the session, compared to their previous close of Rs 46,531 per 10 grams. At 1:37 pm, the gold futures contract (delivery on June 5) traded at Rs 46,590 per 10 grams - up 0.13 per cent or Rs 59 per 10 grams compared to its previous close.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 46,758 per 10 grams, and silver at Rs 47,735 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 rose after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by central bank and government largesse to cushion the blow from the pandemic.
Spot gold was last seen trading up 0.6 per cent at $1,718.77 per ounce.
Domestic equity market benchmark indices S&P BSE Sensex and NSE Nifty 50 jumped nearly 2 per cent on Thursday, a day after surging more than 3 per cent in their best single-day gain so far this month. The Sensex jumped as much as 597.13 points to touch 32,202.35, whereas the Nifty climbed to as high as 9,490.55 compared to its previous close of 9,314.95.
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
“Once again gold bulls succeeded in keeping COMEX gold above $1700/oz as the yellow metal bounced back after taking support near $1680/oz. Escalating US-China tension and global growth worries are supporting prices at lower level. However solid gains in equity markets are capping the upside,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although the general bias remains on the upside mixed factors might keep gold trade choppy. Level to watch for $1724 and $1688/oz,” he added.