Gold futures edged lower on Monday tracking global prices amid strength in domestic equity markets. MCX gold futures fell as much as 0.62 per cent - or Rs 285 per 10 grams - to hit Rs 45,450 per 10 grams on the downside in the first half of the session, compared to their previous close of Rs 45,735 per 10 grams. At 10:22 am, the gold futures contract (delivery on June 5) was down 0.32 per cent - or Rs 147 per 10 grams - at Rs 45,588 per 10 grams. (Track Gold Prices 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 45,633 per 10 grams and silver at Rs 42,490 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 fell to a more than one-week low on Monday, dragged by a firmer dollar amid doubts over the United States' plans to reopen the world's largest economy as the novel coronavirus pandemic showed no signs of easing.
Spot gold was last seen trading down 0.3 per cent at $1,679.95 per ounce, having touched its lowest since April 9 earlier in the session. The metal slumped about 2 per cent on Friday on hopes that the US economy might reopen soon.
Domestic share markets trimmed early gains after rising more than 1 per cent weakness in energy, pharma and consumer goods stocks offset gains in financial and IT counters. The S&P BSE Sensex index rose as much as 467.75 points to touch 32,056.47 at the strongest level in morning deals, and the broader NSE Nifty 50 benchmark climbed to as high as 9,390.85 compared to its previous close of 9,266.75.
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 lower near $1695/oz after 1.9% decline Friday. Weighing on gold price is slowing death toll in some hotspots and countries working towards reopening their economies. ETF investors have also moved to sidelines,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"However, supporting price is disappointing economic data and prospect of more stimulus measures,” he added.