Gold Rate In India: Domestic gold futures held above the Rs 53,500 mark on Friday after climbing to an all-time high of Rs 53,830, tracking gains in global rates of the yellow metal. Multi Commodity Exchange (MCX) gold futures – due for delivery on August 5 – moved between Rs 53,503 and Rs 53,830 during the session, stronger compared to their previous close of Rs 53,138. At 12:15 pm, the MCX gold futures traded with a gain of Rs 602 – or 1.13 per cent – at Rs 53,740. (Track Gold Rate Here)
(Gold futures were close to a record high of Rs 53,399)
Precious metal prices have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world’s two largest economies. (Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes.
In the international market, gold prices rose on Friday, and were on course to register their best month in nearly four-and-a-half years, as the dollar slid further after dismal US data added to doubts about a swift recovery from the pandemic-induced economic slump, driving investors towards the safe-haven metal.
Spot gold was last seen trading 0.4 per cent higher at $1,967.53 per ounce, a day after snapping a nine-session winning run.
The closing rate of gold jewellery stood at Rs 53,277 per 10 grams on Thursday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) July 30, 2020
Meanwhile, domestic stock markets were little changed on Friday, as strength in IT stocks countered a subdued results-led selloff in Reliance Industries and weakness in broader Asian markets after disappointing US economic data.
What Analysts Say On Gold Rates
“Persistent weakness in US dollar index is supporting gold. However, with no fresh triggers and position squaring near weekend and month end some choppiness is likely for the day,” said Ravindra Rao, VP-head commodity research, Kotak Securities.