An increase of 0.02% in spot gold price in India was seen since yesterday, taking the value to Rs 52,990 from Rs 52,980 It was also higher than the previous week average of Rs 52,618.57 by 0.71%.
Although the gold price in both global($1950) as well as Indian market(Rs 52,990) experienced a growth, the spot gold prices in Indian market grew by a lesser rate of 0.02% as compared to Global gold prices of 1.01%.
In global markets, gold prices moved higher today after a fall in the previous session. Spot gold rose by 1.01% to $1,950 Gold per Troy ounce. This price level is 0.37% lower than average gold price observed in the past 30 days ($1,957.2). Among other precious metals, silver prices edged higher today. Silver gained 1.56% to $27.1 per Troy ounce.
Further, platinum price has shown an uptick. The precious metal platinum rose 0.8% to $944.5 per Troy ounce. Meanwhile in India, gold was priced at Rs 52,468 per 10 gram on MCX, with a change of Rs 377,77. Also, the price of 24k gold in the Indian spot market was quoted at Rs 52,990.
Gold prices in India fell today with futures on MCX by 0.72% to Rs 52,468 per 10 gram. In the previous session, gold was down 1.65% or about Rs 377,77 per 10 gram. On MCX, silver futures plunged nearly 1.13% or Rs 761,43 per kg to the price level of Rs 67,383 per kg.
The gold spot price today (Rs 52,990) increased by Rs 377,77 from yesterday (Rs 52,980), along with global spot prices growth of $19.47 to $1950.0 value today. However, the trend observed in MCX future price had a decrease of Rs 377,77 and value of Rs 52,468 as of today.
The dollar to rupee conversion today increased to Rs 75 as compared to previous close of Rs 74.8. The rise of dollar against rupee might influence gold's rate today reflecting a higher gold price in the domestic markets.
Source : HINDUSTANTIMES