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Gold Price Today Fall For 4th Day In Row, Down ₹1,000 From Recent Highs

Gold rate today: Prices declined to ₹47,882 per 10 gram



  • Gold price in India had edged closer to 49,000 per 10 gram last week.
  • Surging coronavirus cases across the world and unprecedented stimulus have boosted the investment demand for gold.

Gold price in India fell for the fourth day in a row amid a stronger rupee and profit-taking at higher levels. On MCX, August gold futures fell 0.34% to 47,882 per 10 gram. Silver futures on MCX also declined 0.36% to 49,000 per kg. Gold prices in India had hit a record high of 48,982 per gram in the futures market on Wednesday, tracking a rally in global markets. Since then it has corrected about 1,000 from those highs.

Gold prices in global markets were flat today as a surge in coronavirus infections across the world propped up the safe-haven demand of the precious metal. Spot gold was up 0.1% to $1,775.97 per ounce. Among other precious metals, platinum rose 0.8% to $806.30 while silver eased 0.1% to $18.02.

Spot gold has risen 17% this year as lower interest rates around the world and widespread stimulus measures from major central banks have boosted demand for the metals. Gold is widely viewed as a hedge against inflation and currency debasement.

Asian equity markets were firm near four-month highs amid super-cheap liquidity.

More than 11.4 million people across the world have been reported to be infected by the novel coronavirus so far.

“Despite rising virus cases, US and global equity markets have edged up lately on expectations that economic recovery may continue amid record stimulus measures and easing of restrictions. Lower imports from India and China reflect weaker demand in domestic markets. Gold may continue to witness choppy trade amid mixed factors however general bias may be on the upside amid increasing worries about virus cases in the US,” Kotak Securities said in a note.

The fourth tranche of sovereign gold bonds of this year opened for subscription today. The issue will close on July 10. The government is offering gold (0.999 purity) at 4,852 per gram while investors applying online and making payment through digital mode will get a discount of 50 per gram.

The physical demand for gold in India remained muted amid soaring prices and coronavirus crisis. Dealers offered discounts of about $22 an ounce over official prices last week, higher than $18 offered during the previous week, Reuters reported. Domestic prices in India include 12.5% import duty and 3% GST.

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