Current Gold Price In India: MCX gold futures rose by as much as Rs 346 (0.62%) on Friday
Highlights
- MCX futures move within Rs 55,506-56,191 range on Friday
- Gold prices have broken a series of records in recent past
- Signs of uncertainty in financial markets boost gold's safe-haven appeal
Gold Rate In India: Domestic gold futures eased shortly after clocking a new all-time high on Friday, amid a continuing rally in global rates. Multi Commodity Exchange (MCX) gold futures, due for an October 5 delivery, appreciated by Rs 346 - or 0.62 per cent - to touch a record Rs 56,191 at the strongest level recorded in morning deals. At 10:39 am, the MCX gold contract quoted at Rs 55,763, down Rs 82 - or 0.15 per cent - from its previous close. (Track Current Gold Rate Here)
In the international market, gold rates surged as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.
(Also Read: Gold's "Dream Run" May Continue, Say Analysts)
Spot gold was last seen trading 0.30 per cent higher at $2,069.78 per ounce, having earlier hit an all-time high of $2,072.50. It was on course to register a ninth straight weekly gain.
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.
Meanwhile, the closing rate of gold jewellery stood at Rs 55,914 per 10 grams on Thursday, 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 Closing #Rates for 06/08/2020#IBJApic.twitter.com/kcKEjZUPLc
— IBJA (@IBJA1919) August 6, 2020
(On Thursday, MCX gold futures had crossed the Rs 55,800 mark for the first time ever)
What Analysts Say
"MCX gold October contract hit a high of Rs.56079/10 gram yesterday, the highest price ever for a first month contract. Gold's rally also remains unfazed by concerns about consumer demand due to record high prices," said Ravindra Rao, VP-head commodity research, Kotak Securities.:
"Gold continues to be on a path to the next benchmark of $2100/oz, however some caution is warranted as we move close to the weekend and key US non-farm payrolls data," he said.
