Gold Rate In India: Domestic gold futures eased on Monday to slip below the Rs 45,700 per 10 grams mark briefly, however losses were limited amid mild gains in global rates. MCX gold futures fell by as much as Rs 222 per 10 grams - or 0.48 per cent - to Rs 45,661 per 10 grams, compared to their previous close of Rs 45,812 per 10 grams. At 4:08 pm, the gold futures contract (delivery on June 5) traded down Rs 151 - or 0.33 per cent - at Rs 45,661 per 10 grams. Gold futures registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus (COVID-19) pandemic boosted the yellow metal's appeal as a safe haven.
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 45,924 per 10 grams, and silver at Rs 43,325 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. (Track Gold Rate In India Here)
In the international market, gold prices held above the key $1,700 per ounce support level, as a new wave of coronavirus infections in some countries raised expectations of further stimulus measures and lower interest rates.
Spot gold was last seen trading 0.5 per cent higher at $1,708.75 per ounce, having lost about 1 per cent in the previous session.
Domestic stock markets rose more than 2 per cent amid gains across sectors, led by financial, automobile and metal stocks. The S&P BSE Sensex index jumped as much as 658.88 points to 32,301.58 in early deals, whereas the broader NSE Nifty 50 benchmark rose to as high as 9,439.90, after opening at 9,348.15 as against its previous close of 9,251.50.
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
“Risk-on is weighing on gold as gains in equity market amid US-China efforts and easing of coronavirus-related restrictions and reopening of economies is impacting the yellow metals stance as a safe haven,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"SPDR ETF (exchange traded fund) holdings, which are at 2013 highs, are supporting the bull case in gold. Gold is expected to trade in a range until it is trading in a band of $1738-$1700 (per ounce),” he added.