Current Gold Price In India: MCX gold futures rose to as high as Rs 53,965/10 grams during the session
Gold Price In India: Domestic gold futures gained 1 per cent on Tuesday tracking global spot rates which reclaimed the $2,000-per-ounce mark. Multi Commodity Exchange (MCX) gold futures – due for a delivery on October 5 – rose by as much as Rs 690 – or 1.30 per cent – to Rs 53,965 during the session. At 4:23 pm, the MCX gold futures contract quoted at Rs 53,781, up Rs 506 – or 0.95 per cent – from its previous close. (Track Gold Price Here | Silver Is Outperforming Gold, Is It The New Gold?)
In the international market, the price of gold climbed 1 per cent to surpass the $2,000-mark on Tuesday, as the dollar weakened to a more than two-year low, with traders also focusing on minutes from the Federal Reserve’s last policy meeting set to release this week.
(Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
Spot gold was last seen trading 0.7 per cent higher at $1,999.26 per ounce, having earlier hit a one-week high of $2,007.19 per ounce.
Gold has been one of the most consistent gainers through the six months of coronavirus-led turmoil in financial markets, benefiting from a flood of capital into the world economy and investors seeking a relatively safe location to park money with interest rates at or near zero.
(Gold futures had risen to an all-time high of Rs 56,191 this month)
The opening rate of gold jewellery stood at Rs 54,111 per 10 grams on Tuesday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 18/08/2020#IBJApic.twitter.com/IbQmaVF5HO
— IBJA (@IBJA1919) August 18, 2020
What Analysts Say
“Gold has recovered over 6 per cent from the lows set last week indicating that the bullish momentum is still intact. Gold has benefited from weakness in US dollar, retreat in US bond yields, increased US-China tensions, stimulus measures by central banks and governments, ETF (exchange traded fund) inflows and mixed US economic data,” said Ravindra Rao, VP-head commodity research, Kotak Securities.
“With the current momentum, gold may try to sustain above the $2,000/oz level and if that happens we might see extended gains.”
