This Article is From Apr 16, 2020

Gold Price Today: Gold Futures Rise 1% To Top Rs 47,000 Mark Amid Coronavirus

Gold Prices in India: At 2:15 pm, the gold futures contract (delivery on June 5) was up 0.69 per cent - or Rs 320 per 10 grams - at Rs 47,030 per 10 grams.

Gold Price Today: Gold Futures Rise 1% To Top Rs 47,000 Mark Amid Coronavirus

Current Gold Prices In India: MCX gold futures rose as much as 0.83% on Thursday

Gold futures climbed up nearly 1 per cent on Thursday as the country extended a 21-day lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose as much as 0.83 per cent - or Rs 389 per 10 grams - to touch Rs 47,099 per 10 grams during the session, compared to their previous close of Rs 46,710 per 10 grams. At 2:15 pm, the gold futures contract (delivery on June 5) was up 0.69 per cent - or Rs 320 per 10 grams - at Rs 47,030 per 10 grams. According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 46,576 per 10 grams and silver at Rs 43,470 per kilogram - both excluding Goods and Services Tax (GST). (Track Gold Prices In India Here)

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 edged lower as the dollar firmed and investors booked profits, but losses were capped as dour retail sales and manufacturing data out of the United States heightened fears of a steep global recession due to the new coronavirus.

Spot gold was last seen trading 0.1 per cent lower at $1,714.74 per ounce, a day after closing down 0.7 per cent following four straight sessions of gains. 

Domestic stock markets recovered early losses amid choppy trade, with the S&P BSE Sensex index moving in a range of 784.03 points between 30,016.17 and 30,800.20, as against the previous close of 30,379.81. The broader NSE Nifty benchmark touched 9,053.35 and 8,821.90 at the strongest and weakest levels of the day respectively, compared with the previous close of 8,925.30.

Last month, 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

Analysts said some more upside can be expected in gold prices as the lockdown increases the yellow metal's appeal as a safe haven.

“COMEX gold trades moderately higher near $1745/oz after a 1.6% decline yesterday. Gold slumped yesterday as US dollar index edged up on safe haven buying amid increasing global virus cases and disappointing economic data,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

"However, supporting price is ETF inflows, global growth worries and continuing stimulus measures by central banks and governments,” he added.