Gold Price Today: Gold Futures Hold Rs 48,300 Per 10 Grams Mark Amid Rising COVID-19 Cases

Gold Price Today: According to Mumbai-based industry body IBJA, the closing rate of gold jewellery stood at Rs 48,554/10 grams, and silver at Rs 48,565/kilogram.

Gold Price Today: Gold Futures Hold Rs 48,300 Per 10 Grams Mark Amid Rising COVID-19 Cases

Current Gold Price In India: MCX gold futures rose to as high as Rs 48,462/10 grams during the session

Gold Rate In India: Domestic gold futures held above the Rs 48,300 per 10 grams mark on Monday, amid weakness in equity markets. MCX gold futures rose by Rs 157 per 10 grams - or 0.33 per cent - to Rs 48,462 per 10 grams at the weakest level recorded during the session, compared to their previous close of Rs 48,305 per 10 grams. At 5:17 pm, the gold futures contract - for delivery on August 5 - traded nearly unchanged at Rs 48,315.00 per 10 grams, up Rs 10 per 10 grams from its previous close. (Track Gold Rate In India Here)

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 48,554 per 10 grams, and silver at Rs 48,565 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 rose as worries over a surge in COVID-19 infections globally dented optimism about a swift economic rebound, driving investors toward the safe-haven metal. Spot gold was last seen trading 0.1 per cent higher at $1,772.30 per ounce. 

Domestic stock markets fell on Monday as a jump in coronavirus cases across the world and at home stoked fears of renewed restrictions that could hit business activities, dimming hopes of a quick economic recovery. The S&P BSE Sensex index ended 209.75 points - or 0.60 per cent - lower at 34,961.52, and the broader NSE Nifty benchmark settled at 10,312.40, down 70.60 points - or 0.68 per cent - from its previous close.

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 choppy as support from increased safe-haven buying and robust investor buying is countered by recent gains in US dollar and weaker consumer demand. There seems to be a general shift from riskier assets to safe havens amid increasing concerns that rising virus cases may cause countries to consider re-imposing restrictions to limit the spread thereby dampening economic activity,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

"Gold may continue to witness choppy trade with key focus on the key $1800/oz level however the general bias may be on the upside unless we see a significant improvement in risk sentiment,” he added.