Gold Price Today: Domestic Gold Futures Surge To Record Rs 56,191 Tracking Global Rally

Gold Price Today: At 10:39 am, the MCX gold contract quoted at Rs 55,763, down Rs 82 - or 0.15 per cent - from its previous close.

Gold Price Today: Domestic Gold Futures Surge To Record Rs 56,191 Tracking Global Rally

Current Gold Price In India: MCX gold futures rose by as much as Rs 346 (0.62%) on Friday

Highlights

  • MCX futures move within Rs 55,506-56,191 range on Friday
  • Gold prices have broken a series of records in recent past
  • Signs of uncertainty in financial markets boost gold's safe-haven appeal

Gold Rate In India: Domestic gold futures eased shortly after clocking a new all-time high on Friday, amid a continuing rally in global rates. Multi Commodity Exchange (MCX) gold futures, due for an October 5 delivery, appreciated by Rs 346 - or 0.62 per cent - to touch a record Rs 56,191 at the strongest level recorded in morning deals. At 10:39 am, the MCX gold contract quoted at Rs 55,763, down Rs 82 - or 0.15 per cent - from its previous close. (Track Current Gold Rate Here)

In the international market, gold rates surged as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.

(Also Read: Gold's "Dream Run" May Continue, Say Analysts

Spot gold was last seen trading 0.30 per cent higher at $2,069.78 per ounce, having earlier hit an all-time high of $2,072.50. It was on course to register a ninth straight weekly gain. 

Gold rates have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world's two largest economies.

Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes. 

The opening rate of gold jewellery stood at Rs 56,254 per 10 grams on Friday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Gold jewellery prices vary in different parts of the country, due to factors such as taxes and making charges.  

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(On Thursday, MCX gold futures had crossed the Rs 55,800 mark for the first time ever)

What Analysts Say

"MCX gold October contract hit a high of Rs.56079/10 gram yesterday, the highest price ever for a first month contract. Gold's rally also remains unfazed by concerns about consumer demand due to record high prices," said Ravindra Rao, VP-head commodity research, Kotak Securities.:

"Gold continues to be on a path to the next benchmark of $2100/oz, however some caution is warranted as we move close to the weekend and key US non-farm payrolls data," he said.