Gold Futures Stuck In Tight Range Near Rs 48,000/10 Grams Mark As Shares Jump

Gold Price Today: According to Mumbai-based industry body IBJA, the opening rate of gold jewellery stood at Rs 48,283/10 grams, and silver at Rs 48,803/kilogram.

Gold Futures Stuck In Tight Range Near Rs 48,000/10 Grams Mark As Shares Jump

Current Gold Price In India: MCX gold futures fell to as low as Rs 47,775/10 grams during the session

Gold Rate In India: Domestic gold futures were stuck in a narrow range on the either side of Rs 48,000 per 10 grams on Monday amid easing global rates. MCX gold futures due for delivery on August 5 moved between Rs 47,775 and Rs 48,027 per 10 grams, compared to their previous close of Rs 48,046 per 10 grams. Silver futures also moved on a listless note. At 12:04 pm, gold futures quoted at Rs 47,997 per 10 grams, down 0.10 per cent compared to their previous close, while silver futures were up 0.05 per cent at Rs 49,204 per kilogram. Meanwhile, a fourth tranche of the government-run Sovereign Gold Bond scheme opened for subscription on Monday at an issue price of Rs 4,852 per gram. The subscription window will remain open for five days till July 10. (Should You Invest In Gold Bonds?)

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 48,283 per 10 grams, and silver at Rs 48,803 per kilogram - both excluding Goods and Services Tax (GST). (Track Gold Rate In India Here)

The retail price of gold jewellery varies in different parts of India, which is 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 rates eased on Monday as risk sentiment improved ahead of US services sector data, although losses were capped by worries over surging COVID-19 cases in some US states. Spot gold was last seen trading down down 0.1 per cent at $1,773.49 per ounce.

Domestic stock markets jumped more than 1 per cent to four-month highs amid gains in heavyweight HDFC Bank, after the country's largest private sector lender reported strong loan growth despite the COVID-19 crisis, while hopes of more stimulus to sustain a global economic recovery lifted sentiment.

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

"Gold is range-bound as support from rising coronavirus cases, robust ETF (exchange traded fund) inflows and increased US-China tensions are countered by some upbeat economic reading from major economies, relative stability in equity markets and weaker consumer demand," said Ravindra Rao, VP-head commodity research at Kotak Securities.

"Lower imports from India and China reflect weaker demand in domestic markets. Gold may continue to witness choppy trade amid mixed factors however general bias may be on the upside amid increasing worries about virus cases in US," he added.