Gold Rate In India: Domestic gold futures fluctuated between gains and losses amid volatile trade, but managed to hold above the Rs 48,100 per 10 grams mark as global rates stood near eight-year highs. MCX gold futures due for delivery on August 5 moved between Rs 48,130 and Rs 48,399 per 10 grams, compared to their previous close of Rs 48,225 per 10 grams. Silver futures moved between Rs 49,178 and Rs 49,880 per kilogram, as against their previous close of Rs 49,790 per kilogram.
Here's all you need to know about the gold rates today:
At 3:20 pm, gold futures quoted at Rs 48,141 per 10 grams, down 0.17 per cent compared to their previous close, while silver futures were down 1.09 per cent at Rs 49,245 per kilogram.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 48,632 per 10 grams, and silver at Rs 49,333 per kilogram - both excluding Goods and Services Tax. (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.
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In the international market, gold rates held steady near an eight-year high as investors weighed a spike in COVID-19 cases around the world against a survey showing a rebound in US services industry activity and expectations of a revival in China's economy. Spot gold was last seen trading almost unchanged at $1,783.56 per ounce, just $5.40 shy of a near eight-year high hit last week.
Domestic stock markets finished a volatile session on a positive note amid gains in financial and IT stocks, extending gains for a fifth straight session. The Sensex index ended 0.51 per cent higher at 36,674.52, and the broader Nifty benchmark settled up 0.33 per cent at 10,799.65.
What Analysts Say On Current Gold Rate
"Gold witnessed mixed trade in the previous session and ended little changed showing lack of direction in the market. Price has breached the key $1800/oz level but is struggling to build momentum above that level," said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Gold may continue to witness choppy trade amid mixed factors however general bias may be on the upside owing to persisting worries about rising virus cases," he added.
Commodity exchanges currently allow trading for reduced hours in view of the coronavirus pandemic. Trading now begins at 9 am to end at 5 pm, instead of 11:50 pm earlier.