Gold Rate Today: MCX gold futures climbed as much as 0.56% to Rs 45,801/10 grams
Gold Price In India: Domestic gold futures rose on Thursday to touch the Rs 45,800 per 10 grams mark despite weakness in global rates. MCX gold futures climbed by as much as Rs 255 per 10 grams - or 0.56 per cent - to Rs 45,801 per 10 grams, compared to their previous close of Rs 45,546 per 10 grams. At 11:37 am, the gold futures contract (delivery on June 5) was up by Rs 184.00 per 10 grams - or 0.40 per cent - at Rs 45,730 per 10 grams. Gold prices are more than 3 per cent off their all-time high of Rs 47,327 per 10 grams registered this month, as the coronavirus (COVID-19) pandemic has boosted its appeal as a safe haven. (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 edged lower as risk appetite was boosted by positive trial results of an experimental COVID-19 treatment, although the Federal Reserve's decision to keep interest rates near zero kept bullion above the $1,700 per ounce level.
Spot gold was last seen trading 0.1 per cent lower at $1,710.21 per ounce.
The dollar index - which gauges the greenback's strength against six peers overseas - weakened as much as 0.09 per cent on Wednesday, and was last seen trading flat.
Domestic stock markets rose more than 3 per cent tracking Asian peers, where equities touched up to seven-week highs. The S&P BSE Sensex index climbed to as high as 33,778.34, up 1,058.18 points from the previous close, at the strongest level in the first half of the session, and the broader NSE Nifty 50 benchmark touched 9,860.40, having started the day at 9,753.50 compared to its previous close of 9,553.35.
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
“Today, gold is trading at $1725/oz up by almost 0.7 per cent. The Fed Chairman called for more policy action to support the economy that helped gold's recovery,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"After a three steady days, inflows were seen in gold ETF (exchange traded fund) indicating robust investor interest. Improved risk sentiment has however kept a check on the gains. Gold expected to trade in a broad range due to lack of fresh triggers,” he added.
