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Gold Price Today: Gold Futures Fall Over 1%, Below Rs 46,800 Per 10 Grams Mark

Gold Price Today: At 3:14 pm, the gold futures contract (delivery on August 5) traded down 1.02 per cent – or Rs 483 per 10 grams – at Rs 46,851 per 10 grams.

Gold Rate In India: Domestic gold futures eased more than 1 per cent on Monday to slide below the Rs 46,800 per 10 grams mark, in line with a dip in global gold rates. MCX gold futures eased by Rs 567 per 10 grams – or 1.20 per cent – to Rs 46,767 per 10 grams mark at the weakest level recorded during the session, compared to their previous close of Rs 47,334 per 10 grams. At 3:14 pm, the gold futures contract (delivery on August 5) traded down 1.02 per cent – or Rs 483 per 10 grams – at Rs 46,851 per 10 grams.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 47,278 per 10 grams, and silver at Rs 46,500 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 price dropped on Monday, as the dollar hovered close to a more than one-week high, despite fears of a second wave of coronavirus infections in Beijing denting risk appetite.

Spot gold was last seen trading down 0.5 per cent at $1,720.56 per ounce.

Domestic equity markets slid more than 2 per cent as a rise in domestic coronavirus cases and worries over a second wave of infections in China sapped investors’ appetite for riskier assets.

The S&P BSE Sensexindex fell to as low as 33,005.68 during the session, down 775.21 points from the previous close, and the broader 50-scrip NSE Nifty benchmark slid to as low as 9,749.15 as against its previous close of 9,972.90.

As of Monday, cases in the country had surged well past 3,32,400, with more than 9,500 deaths. India is the fourth-worst affected country in the world.

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.

Gold Price: What Analysts Say On Current Gold Rate

“COMEX gold traded marginally higher near $1740/oz after a 0.1 per cent decline in the previous session. Gold is supported by safe-haven buying amid bleak global growth outlook and increasing concerns about the second wave of infections. ETF (exchange traded fund) inflows also show robust investor buying,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

“Gold may continue to remain supported as market players question the sustainability of recent rally in equity markets despite persisting worries about virus infections however recovery in US dollar and weaker consumer demand may limit upside,” he added.

News Credit NDTV

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