Gold Rate In India: Domestic gold futures rose on Tuesday amid weakness in domestic equity markets, as the country remained in the third phase of an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose by as much as Rs 185 per 10 grams - or 0.40 per cent - to Rs 46,166 per 10 grams, compared to their previous close of Rs 45,981 per 10 grams. At 10:18 am, the gold futures contract (delivery on June 5) traded stronger by Rs 142 - or 0.31 per cent - at Rs 46,123 per 10 grams. Gold futures registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus outbreak 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 rate of gold jewellery stood at Rs 46,322 per 10 grams, and silver at Rs 42,985 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 eased on Thursday as Federal Reserve Chairman Jerome Powell downplayed the possibility of negative interest rates, but his warning of an extended period of weak economic growth capped the metal's losses.
Spot gold was last seen trading down 0.2 per cent at $1,712.58 an ounce compared to the previous close.
Domestic stock markets pared some of the day's losses after falling more than 2 per cent in morning, amid weakness in financial and IT stocks.
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.
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“After a smart recovery in yesterday's session, gold is continuing to trade positive today near $1722/oz. Choppiness in equity markets and US dollar index is keeping gold supported. Warnings issued by Fed Chair Powell relating to the economic effects due to coronavirus situation has helped gold regain its ground,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although gold rose it is still trading in a band of $1680-1750 per ounce,” he added.