Gold Futures Hover Close to Rs 48,300 Per 10 Grams Mark

Gold jewellery prices vary across India due to excise duty, state taxes and making charges.

Domestic gold futures hovered at the Rs 48,300 per 10 grams mark on Tuesday, amid weakness in equity markets. MCX gold futures rose by Rs 82 per 10 grams – or 0.1 per cent – to Rs 48,322 per 10 grams at the highest point of the day thus far. At 11:03 am, the gold futures contract – for delivery on August 5 – traded was trading at Rs 48,315.00 per 10 grams, up Rs 74 per 10 grams from its previous close. (Track Gold Rate In India Here)

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the closing rate of gold jewellery stood at Rs 48,600 per 10 grams, and silver at Rs 48,614 per kilogram – both excluding Goods and Services Tax (GST).

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 rose as worries over a surge in COVID-19 infections globally dented optimism about a swift economic rebound, driving investors toward the safe-haven metal. Spot gold was last seen trading 0.1 per cent higher at $1,782.75 per ounce.

Gold Price: What Analysts Say On Current Gold Rate

“COMEX gold trades in a narrow range above $1780/oz after a 0.1 per cent gain yesterday. Gold is consolidating close to the key level f $1800/oz. Rising virus cases globally, bleak economic growth outlook, stimulus measures by central banks and governments and increased US-China tensions and robust investor buying has kept gold supported. However, weaker consumer demand and risk on as indicated by a bounce in equity markets is capping the gains. Break of the key level near $1800/oz is important for strengthening the bull case.”

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