Bullion's bull-run: Gold may hit Rs 52,000 by Diwali
Business | Jun 26, 2020, 05:27 PM ISTAnalysts expect domestic futures to touch Rs 52,000 per 10 grams in the next few months, till Diwali.
Analysts expect domestic futures to touch Rs 52,000 per 10 grams in the next few months, till Diwali.
Gold prices fell by Rs 57 to Rs 48,931 per 10 gram in the national capital on Tuesday due to weakness in global prices and rupee appreciation, according to HDFC Securities.
Gold futures rose moderately on Wednesday's session as the market rebounds in the opening session after investors shifted to haven assets in a risk-off environment amid rising coronavirus cases across the world, including India.
Gold prices in India jump on the Multi Commodity Exchange (MCX) on Monday after strong gains in the previous session. The yellow metal prices were up after US Federal Reserve slashed interest rates by a percentage point to a range between zero and 0.25 per cent.
Gold prices in India fell on Tuesday on profit-taking after rising for five days in a row, tracking a decline in global rates. On the Multi Commodity Exchange, April Gold prices declined 1.34% or ₹584 to ₹42,996 per 10 gram after the yellow metal hit a seven-year high in the previous session.
Gold prices on Friday fell by Rs 111 to Rs 37,974 per 10 gram in futures trade as participants cut down their bets amid a weak global trend. Silver futures on Friday slumped by Rs 168 to Rs 44,442 per kg as participants cut down their bets taking weak cues from overseas markets.
The precious metal contracts for December delivery traded up by Rs 163, or 0.42 per cent, to Rs 38,700 per 10 gram in a business turnover of 435 lots.
In Delhi, the price of gold for 24 Karat (99.9 per cent purity) during the day rose to Rs 39,271 per 10 gram as compared with Wednesday's closing price of Rs 39,188 per 10 gram.
Traders attributed the gain in gold to increase in the domestic spot market demand. However, a weak trend in the international market restricted the gains, they said. Besides, the decline in equity markets also aided the rally in the precious metal as investors moved towards safe-haven assets such as gold, they added.
Gold and silver prices continued their rally on Friday with the precious metal rising by Rs 280 to Rs 35,950 per 10 gram and the white metal crossing Rs 42,000 mark on persistent buying from jewellers, according to the All India Sarafa Association.
Finance Minister Nirmala Sitharaman on Friday in her maiden budget speech has an announcement that might not be music for the middle-class consumers who buy gold for various reasons. The government has increased customs duty on gold and other precious metals to 12.5 per cent from the existing 10 per cent, said Finance Minister in the Lok Sabha.
Gold prices were ruling almost flat at Rs 33,370 per 10 gram, while silver dropped Rs 410 to Rs 39,300 per kg in the national capital on Thursday, according to the All India Sarafa Association.
Globally, gold fell 0.15 per cent to USD 1,293.20 an ounce and silver declined by 0.21 per cent to USD 16.80 an ounce in Singapore.
Mumbai: The gems and jewellery industry which had sought reduction in the gold import duty as well as abolition of the stringent “80:20 norms”, expressed its disappointment with Union Budget here today.“The entire industry was
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