Gold Rate Today: Gold prices rebounded on Thursday following two days of losses. MCX Gold futures rose by as much as Rs 316 per 10 grams - or 0.74 per cent - from their previous close to touch Rs 42,820 per 10 grams in morning deals. Analysts said the fear of the coronavirus outbreak spreading beyond China and hurting world economy increased the yellow metal's appeal as a safe haven. At 11:00 am, the gold futures contract (delivery on April 3) traded 0.48 per cent (Rs 205 per 10 grams) higher at Rs 42,709.00 per 10 grams on the bourse, compared with its previous close of Rs 42,504.00 per 10 grams.
According to Mumbai-based industry body IBJA or India Bullion and Jewellers Association, the indicative selling price of gold jewellery stood at Rs 42,731 per 10 grams (excluding GST) in the morning session.
Gold 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.
What Analysts Say On Current Gold Rate
Analysts say gold rates may witness some volatility in the near term as investors assess the impact of the coronavirus pandemic on consumer demand.
“COMEX gold trades higher near $1650/oz supported by safe haven buying as more cases of virus are being reported outside China increasing possibility of a widespread pandemic. The coronavirus outbreak may severely affect economic activity and force central banks to take measures to support their economies," Ravindra Rao, VP-head commodity research at Kotak Securities, said.
"Mixed factors may keep gold in a broad range; however, general bias may be on the upside as the virus outbreak remains out of control," Mr Rao added.