Gold Rate In India: Domestic gold futures eased nearly 1 per cent on Friday to slide below the Rs 46,350 per 10 grams mark, in line with a dip in global gold rates, which were set for a third straight weekly loss. MCX gold futures eased by Rs 436 per 10 grams - or 0.93 per cent - to Rs 46,260 per 10 grams mark at the weakest level recorded during the session, compared to their previous close of Rs 46,696 per 10 grams. At 5:26, the gold futures contract (delivery on August 5) traded down Rs 373 - or 0.8 per cent - at Rs 46,323 per 10 grams. (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 46,696 per 10 grams, and silver at Rs 47,800 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 fell and were on track for a third straight weekly decline on Friday, weighed down by gains in riskier assets as investors grew more hopeful of a rebound in the coronavirus-hit global economy. Spot gold was last seen trading down 0.3 per cent at $1,705.73 per ounce.
Domestic equity markets closed higher, led by gains in financials, with the State Bank of India surging 8 per cent after reporting a more than four-fold jump in its profit for the March quarter. The Nifty ended 1.13 per cent higher at 10,142.15, while the Sensex closed up 0.90 per cent at 34,287.24. For the week, the Nifty 50 rose 5.9 per cent and the BSE Sensex 5.75 per cent, with both the indices recording their second straight weekly gain.
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
“COMEX gold continued to trade in a range amid lack of fresh triggers. It is trading weaker near $1720/oz after a 1.3 per cent gain yesterday. Choppy equity markets and a weak US dollar has supported the gold's bounce from lower levels,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Exchange traded funds witnessed some outflows capping the gains in the yellow metal. We expect the range move to continue in gold with focus on the equity markets which need to correct from hereon for gold bulls to take the prices higher,” he added.