Gold Price In India: Domestic gold futures eased more than 1 per cent on Tuesday to trade near the Rs 45,300 per 10 grams mark in line with a decline in global rates. MCX gold futures declined by as much as Rs 496 per 10 grams - or 1.08 per cent - to Rs 45,311 per 10 grams, compared to their previous close of Rs 45,807 per 10 grams. At 12:50 pm, the gold futures contract (delivery on June 5) was down by Rs 417 per 10 grams - or 0.91 per cent - at Rs 45,390 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. (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 45,743 per 10 grams and silver at Rs 40,710 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 slipped as moves by some countries to relax coronavirus-led restrictions overshadowed concerns of souring US-China relations and dampened the metal's safe-haven appeal.
Spot gold was last seen trading 0.1 per cent lower at $1,700.14 per ounce.
The dollar index - which gauges the greenback's strength against six peers overseas - was last up 0.07 per cent on Tuesday.
Domestic stock markets swung between gains and losses on Tuesday, a day after benchmark indices S&P BSE Sensex and NSE Nifty 50 snapped a four-day winning streak with a loss of nearly 6 per cent each. At 12:49 pm, the Sensex traded 203.38 points - or 0.64 per cent - higher at 31,918.73 while the Nifty was up 49.60 points - or 0.53 per cent - at 9,343.10.
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
“A risk-on situation with a slight recovery in US equity markets amid easing of coronavirus-related restrictions is weighing on gold. However, support can be seen at lower levels as disappointing economic data, US-China tensions and continuing ETF (exchange traded fund) inflows might prompt investors to bargain hunt,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although the price is trading slightly lower today COMEX gold has succeeded in holding the $1700/oz level,” he added.