Gold Rate Today: Spot rate opened at Rs 51,039 per 10 grams, according to industry body IBJA
Gold Price In India: Domestic gold futures recovered early losses to climb above the Rs 50,750 mark on Monday, as investors assessed the prospect of a COVID-19 vaccine. Multi Commodity Exchange (MCX) gold futures, due for expiry on December 4, climbed by Rs 235 (0.46 per cent) to Rs 50,782 at the strongest level of the day, having earlier fallen to as low as Rs 50,437. MCX silver futures also jumped, appreciating by Rs 1,103 – or 1.79 per cent – to Rs 62,779. (Also Read: Is Silver The New Gold?)
Global benchmark Comex gold futures traded firm above the $1,900 per ounce mark, whereas silver approached $25 per ounce. Gold and silver futures rose to as high as $1,915.20 per ounce and $24.87 per ounce respectively on Monday.
The rupee weakened marginally against the US dollar to hit the 73.42 mark on the downside, as the dollar index – which tracks the greenback against six other currencies – edged 0.09 per cent higher.
Gold, often considered a hedge against inflation and currency debasement, has climbed 25 per cent so far this year amid unprecedented levels of global stimulus to ease the economic blow from the pandemic. (Also Read: Gold “Dream Run” May Continue: Analysts)
#Gold and #Silver Opening #Rates for 19/10/2020#IBJApic.twitter.com/JlH6fGZccM
— IBJA (@IBJA1919) October 19, 2020
Domestic spot gold opened at Rs 51,039 per 10 grams on Monday, and silver at Rs 62,081 per kilogram, excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What Analysts Say
“Gold has turned rangebound awaiting more clarity on US stimulus. Support from safe-haven buying amid increasing global uncertainty is offset by recent gains in the US dollar and ETF (exchange traded fund) outflows,” said Ravindra Rao, VP-head commodity research, Kotak Securities.
“Gold may continue to trade in $1,930-1,880 range unless there are fresh triggers, however general bias is on the upside owing to rising virus cases and uneven economic recovery.”