Gold Futures Near Record High, Hold Rs 49,100 Per 10 Grams Mark

Gold Rate In India: Domestic gold futures fluctuated within a tight range but held above the Rs 49,100 per 10 grams on Thursday as international spot gold stood steady above the $1,800 per ounce level. MCX gold futures due for delivery on August 5 gained by Rs 110 - or 0.22 per cent - to touch Rs 49,269 per 10 grams at the strongest level recorded during the session, not far from an all-time high of Rs 49,348 per 10 grams registered recently. At 12:06 pm, gold futures traded 0.06 per cent higher at Rs 49,190 per 10 grams, while silver futures were up 0.51 per cent at Rs 51,645 per kilogram.

Here's all you need to know about the gold rates today:

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 49,318 per 10 grams, and silver at Rs 51,232 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. 

(Also Read: Sovereign Gold Bond Subscription Window To End Soon)

In the international market, gold rates steadied above the key $1,800 per ounce level on Thursday, as worries over mounting COVID-19 cases offset hopes of a swift global economic recovery. Spot gold was last seen trading little changed at $1,812.20 per ounce, having risen to $1,817.71 per ounce - its highest since September 2011 - on Wednesday. 

Domestic stock markets rose on Thursday, lifted by a rally in metal stocks, as focus shifts to the start of another earnings season, even as coronavirus cases rose both at home and abroad.The Sensex index rose as much as 1.01 per cent to touch 36,694.34 during the session, and the broader Nifty benchmark climbed up 0.88 per cent to 10,800.00.

What Analysts Say On Current Gold Rate

"COMEX gold trades mixed near $1,820/oz after a 0.6 per cent gain in previous session when it hit a high of $1,829.8/oz - the highest level since 2011. In the domestic market, MCX Gold August contract hit a high of Rs.49,348/10 gram, a record high level. Gold has benefitted from safe-haven buying amid increasing nervousness about rising virus cases in US and worldwide and increased US-China tensions," said Ravindra Rao, VP-head commodity research at Kotak Securities.

"Gold may continue to trade with a positive bias amid increasing challenge from rising virus risks and US-China tensions," 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.