INSUBCONTINENT EXCLUSIVE:
Current Gold Price In India: MCX gold futures came close to a record Rs 50,936 clocked on ThursdayGold Rate In India: Domestic gold futures
hovered near their all-time highs on Friday, as international prices were headed for their biggest weekly gain in over three months
Multi Commodity Exchange (MCX) gold futures, due for an August 5 delivery, rose by Rs 225 or 0.44 per cent to Rs 50,925 at the strongest
level during the session, inches from a record Rs 50,936 registered on Thursday
Silver futures (September 4 delivery) climbed to as high as Rs 61,364, still nearly 2 per cent away from their record high. Sky-high
prices have already dampened retail demand for gold in India, the world's second largest consumer of the precious metal. (: Gold's "Dream
Run" May Continue, Say Analysts) At 1:16 pm, the MCX gold futures traded 0.35 per cent higher at Rs 50,875, while the silver contract
(Track Gold Rate Here)In the international market, gold was headed on Friday for its biggest weekly gain in more than three months as it
steadied near a nine-year high, benefiting from a weak dollar and inflation expectations due to stimulus for virus-battered economies
Spot gold was little changed at $1,885.32 per ounce, having hit its highest since September 2011 at $1,897.16 on Thursday
Silver eyed its best week since 1987, with additional impetus coming from bets for a revival in industrial activity.Precious metal prices
have broken a series of records over the past few weeks amid rising COVID-19 cases in the country and the world
Typically, any sign of uncertainty in the capital markets boosts the appeal of gold as a safe-haven bet, as investors rush away from
riskier asset classes.According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of
gold jewellery stood at Rs 50,552 per 10 grams and silver at Rs 60,586 per kilogram on Thursday - both excluding Goods and Services Tax.Gold
jewellery prices vary in different parts of the country due to factors such as state taxes and making charges. India's gold imports dropped
96 per cent 13 tonnes in the June quarter after shipments virtually ground to a halt in April and May.Meanwhile, domestic stock
markets slid on Friday as investors took profit on some of this week's big gainers following a record jump in daily domestic cases of
COVID-19, with a muted start in broader Asian markets also denting sentiment
The S-P BSE Sensex index fell as much as 1.03 per cent to 37,748.41 during the session, and the broader NSE Nifty 50 benchmark dropped 1.12
per cent to 11,090.30.The benchmark indices have gained more than 33 per cent each since the country first went into a lockdown in
late-March, while COVID-19 cases that numbered in hundreds at that time, have touched 1.29 million by Friday morning, according to
government data.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."MCX gold price hit a new
all-time high of Rs 50936/10 grams in intraday trade yesterday
Weakness in the US dollar has supported the rally in gold," said Ravindra Rao, VP-head commodity research, Kotak Securities."Gold has
rallied sharply in last few sessions however the rally seems to be losing steam near $1900/oz.”
