MCX gold futures roseas much as 0.74% to touch Rs 46,050 per 10 grams on Tuesday
Gold Price On April 21: Domestic gold futures rose on Tuesday to hover near the Rs 46,000 per 10 grams mark despite weakness in global peers amid a strengthening dollar. MCX gold futures rose by as much as Rs 336 per 10 grams - or 0.74 per cent - to touch Rs 46,050 per 10 grams in the first half of the session, compared to their previous close of Rs 45,714 per 10 grams. At 11:10 am, the gold futures contract (delivery on June 5) was up by Rs 283 per 10 grams - or 0.62 per cent - at Rs 45,997 per 10 grams. (Track Gold Prices In India Here)
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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 fell due to a stronger dollar, but losses were capped by reduced appetite for risk after US crude oil futures plunged below zero for the first time in history in the previous session.
Spot gold was last seen trading 0.3 per cent lower at $1,687.17 per ounce, having risen as much as 1 per cent on Monday as the oil market crash drove demand for safe havens.
Domestic share markets tumbled more than 3 per cent on Tuesday as a historic overnight plunge in US crude oil to below zero highlighted the economic damage caused by the coronavirus-led lockdowns. The S&P BSE Sensex index fell as much as 3.20 per cent - or 1,013.59 points - to 30,634.41 at the weakest level in the first half of the session, and the broader NSE Nifty 50 benchmark declined to as low as 8,969.70 compared to its previous close of 9,261.85.
Last month, 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
“COMEX gold trades marginally lower near $1705/oz after a 0.7% gain yesterday. Gold rallied sharply yesterday on safe haven buying as sell-off in crude oil price rattled financial markets,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"ETF inflows and US plan for additional stimulus measures and wariness about plans to lift virus related restrictions also lent support. Price corrected today amid some stability in crude oil and equity market,” he added.
