Domestic gold futures rose on Thursday to touch the Rs 45,800 per 10 grams mark despite weakness in global rates. MCX gold futures climbed by as much as Rs 255 per 10 grams – or 0.56 per cent – to Rs 45,801 per 10 grams, compared to their previous close of Rs 45,546 per 10 grams. At 11:37 am, the gold futures contract (delivery on June 5) was up by Rs 184.00 per 10 grams – or 0.40 per cent – at Rs 45,730 per 10 grams. Gold prices are more than 3 per cent off their all-time high of Rs 47,327 per 10 grams registered this month, as the coronavirus (COVID-19) pandemic has boosted its appeal as a safe haven. (Track Gold Rate In India Here)
According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 45,964 per 10 grams and silver at Rs 42,300 per kilogram – both excluding Goods and Services Tax (GST).
#Gold and #Silver Opening #Rates for 30/04/2020#IBJApic.twitter.com/lAyNx8TN9G
IBJA #StayHomeStaySafe (@IBJA1919) April 30, 2020
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 edged lower as risk appetite was boosted by positive trial results of an experimental COVID-19 treatment, although the Federal Reserve’s decision to keep interest rates near zero kept bullion above the $1,700 per ounce level.
Spot gold was last seen trading 0.1 per cent lower at $1,710.21 per ounce.
The dollar index – which gauges the greenback’s strength against six peers overseas – weakened as much as 0.09 per cent on Wednesday, and was last seen trading flat.
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