Current Gold Price in India: Jewellery rate stood at Rs 45,803/10 grams, according to Mumbai-based IBJA
Gold Prices In India: Domestic gold futures jumped nearly 2 per cent on Wednesday to hover near the Rs 46,100 per 10 grams mark despite weakness in global rates amid a strengthening dollar. MCX gold futures rose by as much as Rs 815 per 10 grams - or 1.80 per cent - to touch Rs 46,140 per 10 grams during the session, compared to their previous close of Rs 45,325 per 10 grams. At 2:11 pm, the gold futures contract (delivery on June 5) was up by Rs 786 per 10 grams - or 1.73 per cent - at Rs 46,111 per 10 grams. (Track Gold Prices 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 45,803 per 10 grams and silver at Rs 41,030 per kilogram - both excluding Goods and Services Tax (GST).
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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 inched lower as a stronger dollar and dash for cash following a historic rout in U.S. crude oil futures curbed demand for the safe-haven asset.
Spot gold was last seen trading 0.2 per cent lower at $1,683.08 per ounce, a day after touching a near two-week low as the oil rout triggered a panic sell-off in wider markets, fuelling a rush for liquidity.
Domestic stock markets rose more than 2 per cent, fuelled by an 8 per cent surge in Reliance Industries after Facebook invested in the group's digital business. The S&P BSE Sensex index rose as much as 2.27 per cent - or 696.76 points - to 31,333.47 at the strongest level recorded in afternoon deals, and the broader NSE Nifty 50 benchmark climbed to as high as 9,166.30 compared to its previous close of 8,981.45.
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 recovered today after a 1.4 per cent decline yesterday. It has gained more than 1 per cent to trade near $1705/oz. The recovery in gold can be attributed to some recovery in crude oil prices .ETF (exchange traded fund) inflows have continued to lent support,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Also supporting gold is the US Senate decision to approve additional stimulus measures. COMEX gold can remain choppy near $1700/oz until there is clarity on the lifting of virus related restrictions,” he added.
