This Article is From May 04, 2020

Gold Price Today: Gold Futures Jump To Rs 45,800 As Equities Tumble Amid COVID-19

Gold Rate: At 2:01 pm, the gold futures contract (delivery on June 5) was up by Rs 270 per 10 grams - or 0.59 per cent - at Rs 45,797 per 10 grams.

Gold Price Today: Gold Futures Jump To Rs 45,800 As Equities Tumble Amid COVID-19

Gold price India: MCX gold futures climbed as much as 0.70% to Rs 45,844 per 10 grams

Gold Rate In India: Domestic gold futures rose on Monday to touch the Rs 45,800 per 10 grams mark as global rates steadied near $1,700 per ounce. MCX gold futures climbed by as much as Rs 317 per 10 grams - or 0.70 per cent - to Rs 45,844 per 10 grams, compared to their previous close of Rs 45,527 per 10 grams. At 2:01 pm, the gold futures contract (delivery on June 5) was up by Rs 270 per 10 grams - or 0.59 per cent - at Rs 45,797 per 10 grams. Gold prices are more than 3 per cent off their all-time high of Rs 47,327 per 10 grams registered in late March, as the coronavirus (COVID-19) pandemic has boosted the yellow metal's appeal as a safe haven. (Track Gold Rate In India Here)

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 45,770 per 10 grams and silver at Rs 41,100 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 steadied a strong US dollar countered support from rising tensions between the United States and China over the coronavirus outbreak.

Spot gold was last seen steady at $1,699.49 per ounce, having gained over 1 per cent on Friday after US President Donald Trump threatened to impose tariffs on China. 

The dollar index - which gauges the greenback's strength against six peers overseas - gained as much as 0.39 per cent on Monday, and was last seen trading up 0.29 per cent.

Domestic stock markets tumbled more than 5 per cent amid a selloff across sectors tracking global peers, after the government extended a coronavirus lockdown by two weeks while easing restrictions in lower-risk zones, but travel, hotels, restaurants, shopping malls and cinema halls remained shut. The S&P BSE Sensex index shed as many as 1,946.11 points to 31,771.51, and the braoder NSE Nifty 50 benchmark slid to as low as 9,303.35 compared with its previous close of 9,859.90.

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 has edged up on safe haven buying amid increased US-China tensions. Economic data have been disappointing highlighting the negative impact of virus related restrictions. ETF (exchange traded fund) holdings have also been supportive,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

"A marginal increase in US dollar index might cap gain in gold as the metal recovered sharply after falling in Friday's session,” he added.