INSUBCONTINENT EXCLUSIVE:
Current Gold Price In India: MCX gold futures rose to as high as Rs 48,589/10 grams during the sessionGold Rate In India: Domestic gold
futures moved higher on Tuesday tracking gains in global markets and weakness in domestic equities
MCX gold futures rose by Rs 357 per 10 grams - or 0.74 per cent - to touch Rs 48,589 per 10 grams at the strongest level recorded during the
session, compared to their previous close of Rs 48,232 per 10 grams
However, the gold futures contract - for delivery on August 5 - trimmed those gains and settled up 0.13 per cent - or Rs 65 per 10 grams -
at Rs 48,297 per 10 grams. (Track Gold Rate In India Here)According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based
industry body, the closing rate of gold jewellery stood at Rs 48,575 per 10 grams, and silver at Rs 48,505 per kilogram - both excluding
Goods and Services Tax (GST).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 surged to their highest in
nearly eight years on Wednesday, while global shares cooled as signs of an acceleration in coronavirus cases kept investors on edge
Spot gold was last seen trading 0.60 per cent higher at $1,777.53 per ounce, having earlier hit its highest since October 2012 at $1,779.06
per ounce.Domestic stock markets snapped four straight sessions of gains on Wednesday, as investors booked profits in banking stocks amid
fears of a rise in loan defaults due to the COVID-19 pandemic.The NSE Nifty 50 index closed 1.58 per cent lower at 10,305.30, while the S-P
BSE Sensex also shed 1.58 per cent to settle at 34,868.98
The markets opened higher but reversed their course around midday as the focus turned to record levels of coronavirus infections in several
US states, spurring concerns about the pace of a nascent economic recovery.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.“COMEX gold has hit a session high of $1791.8/oz, the highest level since October 2012
The supporting factors remain in place like the weak US dollar, increasing concerns about rising coronavirus cases, uncertainty about
US-China trade deal, hopes of additional stimulus measures and continuing ETF (exchange traded fund) inflows,” said Ravindra Rao, VP-head
commodity research at Kotak Securities."Gold is trading near the multiple resistance zone of $1789/oz
A closing above $1789-1790 might trigger a fresh bull rally in the yellow metal,” he added.
