The spot price of gold today (Rs. 51,660) is 1.69 percent higher than this week’s average of Rs. 50,802.86. The price was higher than the value of Rs. 51,650 yesterday.
Gold and other precious metals, July 28, 2020
While gold prices increased both globally ($1945.3) and in the Indian market (Rs. 51.660), spot gold prices in the Indian market increased by less than 0.02 percent compared to global gold prices by 0.14 percent.
Following yesterday’s trend, global spot prices have also continued to rise. It was clocked at $1945.3 per Troy ounce last close, which showed a rise of 0.14 percent over yesterday. This price point is 6.77 percent higher than the average gold price recorded in the last 30 days ($1813.7). Like other precious metals, today the price of silver has increased. Gold gained 0.2 percent to $24.6 an ounce of Troy.
Therefore, the quality of platinum has fallen. Precious metal platinum dropped by 1.21 percent to $937.0 an ounce of Troy. In India, gold was priced at Rs. 52,425 per 10 gram on the MCX, with a change of Rs. 57,67. Also, the Indian spot market price of 24k gold was quoted at Rs. 51,660.
MCX Gold, July 28, 2020
On MCX, India’s gold futures prices jumped by 0.11 percent to Rs. 52425.0 per 10 gram. In the previous session, gold was 2.45 percent or around Rs. 57.67 per 10 gram. On MCX, silver futures increased by almost 1.05 percent or Rs. 698.25 per kg to Rs. 66.500 per kg.
Gold spot price today (Rs. 51.660) increased by Rs. 57.67 from yesterday (Rs. 51650.0) along with a global spot price rise of $2.75 to $1945.3 today. A similar pattern was observed in the MCX future price with a rise of Rs. 57.67 and Rs. 52.425 as of today.
Currency Exchange Rate of 28 July 2020
The dollar to rope conversion has been constant since yesterday, and any recent changes in the price of gold will imply no relationship to the value of the dollar.
Gold prices have been dropping at record highs in India and global bullion markets, as investors prefer safe-haven assets in the midst of the economic uncertainty triggered by the Covid-19 pandemic.
World Gold Council Managing Director (India) Somasundaram PR noted that the gold price topping Rs 50,000-mark is a crucial milestone and the answer is obviously mixed-happy investors and wary consumers. Domestic prices are influenced by the interplay of several global factors — low or negative interest rates, and the instability created by trade disputes and geopolitical tensions.
The price of gold is likely to rise further in the next 12 months after the US elections, Covid-19 related disturbances and geopolitical tensions, jewelry company PN Gadgil managing director, and CEO Saurabh Gadgil said.
“We expect gold to reach about Rs 65,000 per 10 grams in the domestic market in the next 12 months, while it will reach $2,500 an ounce in international markets,” he said.
The jewelry industry expects the market demand for gold to decline further in the light of rising prices for precious metals and economic slowdown. “The market is still quite sluggish at the moment, with only 20-25% of the industry taking place following the economic downturn, work instability, social distances, and lockdowns due to Covid-19. The high price of gold would add to the already sluggish demand for consumers,” said All India Gem and Jewellery Domestic Council Chairman Anantha Padmanabhan.