Gold Rate In India: Domestic gold futures jumped to as high as Rs 46,600 per 10 grams on Thursday amid gains in global rates. MCX gold futures rose by Rs 501 per 10 grams - or 1.09 per cent - to Rs 46,600 per 10 grams mark at the strongest level during the session, compared to their previous close of Rs 46,099 per 10 grams. The gold futures contract (delivery on June 5) was last seen trading at the strongest level of the day at Rs 46,600 per 10 grams. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 46,441 per 10 grams, and silver at Rs 47,640 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.
In the international market, gold prices rose after an equity rally fuelled by signs of an economic recovery from mandated shutdowns sparked the biggest daily fall since April 30 in the previous session. Spot gold was last seen trading up 0.4 per cent at $1,703.95 per ounce, following a 1.7 per cent drop on Wednesday.
Domestic equity markets gave up initial gains to end lower on Thursday amid a selloff in financial stocks, following a rally that continued for six straight days pushing the S&P BSE Sensex index more than 11 per cent higher. The Sensex ended 128.84 points - or 0.38 per cent - lower at 33,980.70 and the Nifty settled at 10,032.20, down 29.35 points - or 0.29 per cent - from its 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
“COMEX gold continued to decline yesterday. It is trading close to the support zone of $1700/ounce which needs to be penetrated on daily closing if the bears want to pull it further lower. Equity markets have been trading at multi-month highs which is fading out the safe haven appeal in gold,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"However, US-China tensions, weakness in the US dollar, ETF (exchange traded fund) inflows and protests in US have kept the price supported as buying might emerge at lower levels. Gold may remain under pressure until we see a halt in the rally in equity markets,” he added.