Gold Rate Today: MCX gold futures rose 0.41% to touch the Rs 45,970/10 grams mark on Tuesday
Gold Rate In India: Domestic gold futures rose on Tuesday amid weakness in domestic equity markets, as the country remained in the third phase of an extended lockdown to curb the spread of the coronavirus (COVID-19) pandemic. MCX gold futures rose by as much as Rs 189 per 10 grams - or 0.41 per cent - to Rs 45,970 per 10 grams, compared to their previous close of Rs 45,781 per 10 grams. At 10:37 am, the gold futures contract (delivery on June 5) traded stronger by Rs 151 - or 0.33 per cent - at Rs 45,932 per 10 grams. Gold futures registered an all-time high of Rs 47,327 per 10 grams in late March, as the coronavirus outbreak boosted the yellow metal's appeal as a safe haven.
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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. (Track Gold Rate In India Here)
In the international market, gold prices held near the key $1,700 per ounce support level, as a new wave of coronavirus infections in some countries raised expectations of further stimulus measures and lower interest rates.
Spot gold was last seen trading barely changed at $1,696.6 an ounce compared to the previous close.
Domestic stock markets fell more than 1 per cent as banking and financial services shares led losses across sectors. At 9:53 am, the S&P BSE Sensex index traded 599.76 points - or 1.90 per cent - lower at 30,961.46 while the broader NSE Nifty 50 benchmark was down 160.95 points - or 1.74 per cent - at 9,078.25.
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
“The gains in US dollar on back of safe haven buying as worries of second wave of infections rose with rising cases in countries like Germany, South Korea has weighed on gold prices. Exchange traded funds (ETFs) also witnessed outflows due to profit-taking by investors,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
"Although gold has continued to trade in a broad range buying might re-emerge at lower levels mainly due to global growth concerns and safety hunt returning on expectations of a second wave in virus infections” he added.
