Gold rate in indiaDomestic gold futures dropped more than 1 percent on Friday as global tracking continued, as the country was in the fourth phase of an extended lockdown to prevent the spread of the coronovirus (COVID-19) epidemic. MCX gold futures rose by Rs 742 per 10 grams – or 1.60 per cent – to touch a strong level during the session at Rs 47,130 per 10 grams, compared to their previous close of Rs 46,388 per 10 grams. At 4:15 pm, the gold futures contract (delivery on 5 June) closed at Rs 46,995 per 10 grams – 1.31 per cent or Rs 607 per 10 grams.
According to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA), gold jewelery has an initial rate of Rs 46,996 per 10 grams and silver Rs 46,800 per kg – both excluding Goods and Services Tax (GST). .
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The prices of gold jewelery vary in different parts of India – the second largest consumer of precious metal – due to factors such as excise, state taxes and duty making. (Track Gold Rate here in India)
In the international market, gold tensions rose on Friday as trade tensions between the United States and China increased, although the bullion’s safe-haven appeal was lifted, although a stronger dollar made gains in the Czech.
Spot gold was trading 0.5 per cent higher at $ 1,734.39 an ounce.
The domestic stock market benchmark indices S&P BSE Sensex and NSE Nifty 50 won three days on Friday after the Reserve Bank of India (RBI) reduced the repo rate by 40 basis points and extended the relief period for debt repayment. Has gone. In an effort to prevent the economic collapse of the COVID-19 epidemic.
The Sensex closed at 260.31 points – or 0.84 percent – at a low of 30,672.59 and the Nifty was down 67.00 points (0.74 percent) at 9,039.25 compared to its previous close.
In March, commodity exchanges cut trading hours by one hour from the practice of allowing trading until midnight in the wake of the coronovirus epidemic. Now business starts at 9 am and ends at 5 pm instead of 11:50 pm.
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“The gold rally is over and some corrective dip may be scheduled for. Ravindra Rao, VP-Head Commodity Research, Kotak Securities, said the risk-on market dominates as equity is stable and ETF (exchange traded funds) purchases are slow. ‘
He added, “Although factors contributing to increasing US-China tensions, monetary easing measures by central banks and weak economic outlook may trigger interest purchases at lower levels,” he said.