Current Gold Price In India: MCX gold futures jumped nearly 2% to a new all-time high
Gold Rate In India: Domestic gold futures soared to a record high of Rs 55,039 on Wednesday, as global rates extended a record run above the $2,000-per-ounce mark amid weakness in the US dollar and hopes of more stimulus measures against the coronavirus pandemic. Multi Commodity Exchange (MCX) gold futures, due to expire by the end of the session, quoted at an all-time high of Rs 55,039 at 12:26 pm. That marked a gain of Rs 975 - or 1.80 per cent - compared to their previous close of Rs 54,064. The MCX gold contract for an October 5 delivery was up 0.93 per cent (Rs 507) at Rs 55,058 at the time. (Track Current Gold Rate Here)
In the international market, spot gold hit a record high on safe-haven demand, on a weaker dollar and bets for more stimulus measures to revive a pandemic-ravaged economy. Spot gold was last seen trading at $2,014.41 per ounce, having hit a record high of $2,030.72 per ounce earlier on Wednesday.
Gold rates have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world's two largest economies.
Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes. (Also Read: Gold's "Dream Run" May Continue, Say Analysts)
Meanwhile, the opening rate of gold jewellery stood at Rs 55,201 per 10 grams on Wednesday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). Gold jewellery prices vary in different parts of the country, due to factors such as taxes and making charges.
#Gold and #Silver Opening #Rates for 05/08/2020#IBJApic.twitter.com/j422TXc3DG
— IBJA (@IBJA1919) August 5, 2020
(MCX gold futures touched a record high of Rs 55,039 hours ahead of the expiry of the August 5 contract)
The momentum in gold continues to remain positive given the uncertainty around the coronavirus pandemic, say analysts.
"Spot gold hit a record high level of near $2031/oz yesterday and is currently trading near $2016/oz. Gold has been on an up move for last few days and has now broken past the key $2000/oz opening way for further gains," said Ravindra Rao, VP-head commodity research, Kotak Securities.
"Gold remains supported by persistent weakness in the US dollar, strong investor interest and safe-haven buying amid rising coronavirus cases globally and increased US-China tensions. Focus now will be on the monthly US employment report due at the end of this week."
