Gold Price Today: Domestic Gold Futures Surge to Record Rs 56,191 Tracking Global Rally
- MCX futures move within Rs 55,506-56,191 range on Friday
- Gold prices have broken a series of records in recent past
- Signs of uncertainty in financial markets boost gold’s safe-haven appeal
Gold Rate In India: Domestic gold futures eased shortly after clocking a new all-time high on Friday, amid a continuing rally in global rates. Multi Commodity Exchange (MCX) gold futures, due for an October 5 delivery, appreciated by Rs 346 – or 0.62 per cent – to touch a record Rs 56,191 at the strongest level recorded in morning deals. At 10:39 am, the MCX gold contract quoted at Rs 55,763, down Rs 82 – or 0.15 per cent – from its previous close. (Track Current Gold Rate Here)
In the international market, gold rates surged as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.
(Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
Spot gold was last seen trading 0.30 per cent higher at $2,069.78 per ounce, having earlier hit an all-time high of $2,072.50. It was on course to register a ninth straight weekly gain.
Gold rates 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.
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.
The opening rate of gold jewellery stood at Rs 56,254 per 10 grams on Friday, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold jewellery prices vary in different parts of the country, due to factors such as taxes and making charges.
— IBJA (@IBJA1919) August 7, 2020
(On Thursday, MCX gold futures had crossed the Rs 55,800 mark for the first time ever)
What Analysts Say
“MCX gold October contract hit a high of Rs.56079/10 gram yesterday, the highest price ever for a first month contract. Gold’s rally also remains unfazed by concerns about consumer demand due to record high prices,” said Ravindra Rao, VP-head commodity research, Kotak Securities.:
“Gold continues to be on a path to the next benchmark of $2100/oz, however some caution is warranted as we move close to the weekend and key US non-farm payrolls data,” he said.