Gold price today: Yellow metal rises Rs 301 to Rs 43,474/10gm, silver dips

Gold prices jumped Rs 301 to Rs 43,474 per 10 gram in Mumbai bullion market on safe-haven demand. Major gold trading centres in the country have been shut due to the 21-day lockdown announced by state governments to prevent the spread of novel coronavirus, or COVID-19, pandemic.

Bullion metal prices fell on March 31 after the Central Bank of Russia confirmed that it would stop buying gold from domestic producer from April 1 to boost its reserve and prevent Russian Ruble from further depreciation.

Chinese factory data held out hope for an economic revival, putting pressure on gold prices. Market participants will keep an eye on the PMI numbers expected from major economies.

The rate of 10 gram 18, 22 and 24-carat gold in Mumbai was Rs 32,606, Rs 39,822, Rs 43,474 plus 3 percent GST, respectively.

Navneet Damani, Vice President, Motilal Oswal, said, domestic gold prices could hover in the range of Rs 42,500-43,150 per 10 gm.

The gold/silver ratio currently stands at 110.90 to 1, which means the amount of silver required to buy one ounce of gold.

Silver declined Rs 350 to Rs 39,200 per kg from its closing on March 31.

In the futures market, gold touched an intraday high of Rs 43,350 and an intraday low of Rs 42,622 on the MCX. For the June series, the yellow metal touched a low of Rs 36,572 and a high of Rs 45,361.

Gold futures for June delivery rose Rs 175, or 0.41 percent, to Rs 43,131 per 10 gram in evening trade. The same for August delivery increased by Rs 325, or 0.76 percent, to Rs 43,300/10 gm.

The value of the June and August contract traded so far is Rs 1,744.95 crore and Rs 121.93 crore, respectively.

Similarly, Gold Mini contract for May jumped Rs 139, or 0.32 percent, at Rs 43,110.

At 12:29 pm (GMT), spot gold was up $8.26 at $1,585.79 an ounce in London trading.