Gold Rate In India: Domestic gold futures soared to a file excessive of Rs 55,039 on Wednesday, as world charges prolonged a file run above the $2,000-per-ounce mark amid weak point within the US greenback and hopes of extra stimulus measures in opposition to the coronavirus pandemic. Multi Commodity Exchange (MCX) gold futures, due to expire by the tip of the session, quoted at an all-time excessive of Rs 55,039 at 12:26 pm. That marked a achieve of Rs 975 – or 1.80 per cent – in contrast to their earlier shut of Rs 54,064. (Track Current Gold Rate Here)
In the worldwide market, spot gold hit a file excessive on safe-haven demand, on a weaker greenback and bets for extra stimulus measures to revive a pandemic-ravaged economic system. Spot gold was final seen buying and selling at $2,014.41 per ounce, having hit a file excessive of $2,030.72 per ounce earlier on Wednesday.
Gold charges have damaged a collection of data over the previous few weeks amid rising COVID-19 instances across the globe and worsening ties between the world’s two largest economies.
Typically, any signal of uncertainty within the monetary markets boosts the enchantment of gold as a safe-haven guess, as traders rush away from riskier asset lessons. (Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
Meanwhile, the opening price of gold jewelry stood at Rs 55,201 per 10 grams on Wednesday, excluding GST, in accordance to Mumbai-based trade physique India Bullion and Jewellers Association (IBJA). Gold jewelry costs fluctuate in numerous components of the nation, due to elements comparable to taxes and making prices.
— IBJA (@IBJA1919) August 5, 2020
(MCX gold futures touched a file excessive of Rs 55,039 hours forward of the expiry of the August 5 contract)
The momentum in gold continues to stay optimistic given the uncertainty across 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,” mentioned Ravindra Rao, VP-head commodity analysis, 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.”