Rise in Gold and Silver prices in India

Domestic gold futures registered mild gains and held above the Rs 49,000 per 10 grams mark tracking global spot rates. MCX gold futures due for delivery on August 5 climbed to as high as Rs 49,088 per 10 grams, trading Rs 225 or 0.46 per cent higher compared to their previous close, close to an all-time high of Rs 49,348 per 10 grams registered last week.

Silver futures – due for a September 4 delivery – jumped by Rs 1,024 – or 1.99 per cent – to touch Rs 52,386 per kilogram.

At 12:33 pm, gold futures traded 0.36 per cent higher at Rs 49,040 per 10 grams on the bourse, while silver futures were up 1.84 per cent at Rs 52,305 per KG

The retail price of gold jewellery varies in different parts of the country, due to factors such as excise duty, state taxes and making charges.

According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the opening rate of gold jewellery stood at Rs 42,266 per 10 grams, and silver at Rs 51,630 per kilogram – both excluding GST.

According to the analysists:

“Gold retreated after failing to break past the $1830/oz level but is so far holding near the $1800/oz level as market players assess virus situation as well as its economic and health impact,” said Ravindra Rao, VP-head commodity research at Kotak Securities.

“With mixed factors in place at present, we may see choppy trade today however buy on dips is recommended as rising virus cases and US-China tensions may keep price supported,” he added.

In the international market, gold prices rose on Monday, holding ground above the key $1,800 per ounce level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned. Spot gold was last seen trading up 0.4 per cent at $1,805.03 per ounce.

Domestic stock markets rose more than 1 per cent on Monday amid broad-based gains, tracking global optimism about a recovery from the damage caused by the coronavirus pandemic. The S&P BSE Sensex rose as much as or 429.87 points to 37,024.20, having started the session up 286.33 points (0.78 per cent) at 36,880.66, and the broader NSE Nifty 50 benchmark climbed to as high as 10,894.05 after registering a gap-up opening just above the 10,850 mark. Gains across sectors – led by financial stocks – pushed the equity markets higher.

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