Gold Rate Today: At 10:14 am, the gold futures contract (delivery on June 5) was up by Rs 241 per 10 grams – or 0.52 per cent – at Rs 46,408 per 10 grams.
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 eased
as investors booked profits from a near 2 per cent rally in the previous session, while US stimulus measures to ease the economic blow from the coronavirus outbreak limited losses and kept prices above $1,700 an ounce.
Spot gold was last seen trading 0.3 per cent lower at $1,707.76 per ounce, a day after gaining as much as 1.9 per cent.
Domestic share markets rose, tracking gains across global markets, as oil prices recovered from a collapse earlier in the week. Hopes of a new stimulus package to mitigate the hit from the coronavirus outbreak lifted sentiment, say analysts. The S&P BSE Sensex rose as much as 0.85 per cent – or 266.9 points – to touch 31,646.45 in morning deals, and the broader NSE Nifty 50 benchmark climbed to as high as 9,277.75, up 90.45 points (0.98 per cent) compared to the previous close..
Last month, 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
“Fresh geopolitical tensions between US and Iran supported gold prices. Gold has also benefitted from a rebound in crude oil price, continuing ETF (exchange traded fund) inflows and hopes of additional stimulus measures,” said Ravindra Rao, VP-head commodity research at Kotak Securities.
“Bias for gold remains on the upside with key resistance level at $1748/oz. Strength in the US dollar index may however limit the upside,” he added.
