Gold Rate In India: Domestic gold futures climbed to an all-time excessive of Rs 54,199 mark on Monday, monitoring the worldwide worth which climbed to a file $1,984.66 per ounce amid rising COVID-19 instances on the earth. Multi Commodity Exchange (MCX) gold futures – due for supply on August 5 – rose by Rs 371 or 0.69 per cent to the touch the Rs 54,199 mark through the session, in comparison with their earlier shut of Rs 53,828. At 12:07 pm, the MCX gold futures traded with a acquire of Rs 102 – or 0.19 per cent – at Rs 53,930. (Track Current Gold Rate Here)
(Gold futures have been near a file excessive of Rs 54,199)
Gold charges have damaged a collection of information 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 wager, as buyers rush away from riskier asset courses. (Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
In the worldwide market, gold costs surged to an all-time excessive on Monday as fears concerning the financial fallout from rising COVID-19 instances boosted demand for the safe-haven metallic, though features have been capped by an uptick within the US greenback. Spot gold was final seen buying and selling regular at $1,974.29 per ounce, having hit a file excessive of $1,984.66 in early Asian commerce.
The opening fee of gold jewelry stood at Rs 53,952 per 10 grams on Thursday, excluding GST, in line with Mumbai-based business physique India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) August 3, 2020
Domestic stock markets have been set to shut decrease for the fourth session in a row as banking shares tumbled on blended expectations for an upcoming rate of interest resolution, whereas surging home coronavirus instances additionally dented sentiment. The S&P BSE Sensex index fell as a lot as 1.56 per cent – or 587.85 factors – to 37,019.04 through the session, and the broader NSE Nifty 50 benchmark slid to as little as 10,911.80, down 161.65 factors from its earlier shut.
What Analysts Say On Gold Rates
“Spot gold hit a fresh record high level of near $1982/oz today and is currently trading near $1972. MCX gold August contract hit a high of Rs.53920/10 grams on Friday, the highest on record for a first month contract,” stated Ravindra Rao, VP-head commodity analysis, Kotak Securities.
“Gold has continued to rise on safe-haven buying amid increasing risks to global economy on the back of rising coronavirus cases, increasing US-China tensions and political wrangling over additional stimulus measures. In international market, gold has been on a persistent rise ever since breaking past the $1900/oz level and looks set to test the next pivotal level of $2000/oz level.”