The current rally in gold prices mirror the global economic uncertainties, fluctuating interest rates and geopolitical tensions. And as these factors look like they're here to stay, there's a possibility that the gold prices could again touch and then go beyond the Rs 1 lakh per 10 grams mark.
Gold futures on Multi Commodity Exchange (MCX) were hovering around Rs 27000 mark. Comex Gold rose more than half a percent on Friday, heading for a second straight weekly gain after the European Central Bank (ECB) cut interest rates to an all-time low and the US Federal Reserve maintained its bond-buying stimulus programme reported Rueters.
Spot Gold Rates were trading lower in major cities in India. In Mumbai the gold rate per 10 gram of 995 purity and 999 purity slipped by Rs 455 at Rs 27210 and by Rs 455 at Rs 27070 respectively.
Gold was trading marginally in green in major metros in India on Thursday. At 10:46 hrs IST, MCX Gold June future was trading at Rs 26610, up Rs 70 or 0.26 percent.
Gold prices were trading higher in major cities of India on Tuesday. In Chennai market, prices of 24-carat gold per 10 gram were up by Rs 20 at Rs 30530 and rates of 22-carat gained by Rs 20 at Rs 28550.
At 14:12 hrs MCX GOLDGUINEA April contract was trading at Rs 21631 down Rs 53, or 0.24 percent. The GOLDGUINEA rate touched an intraday high of Rs 21894 and an intraday low of Rs 21505. So far 3106 contracts have been traded. GOLDGUINEA prices have moved down Rs 2908, or 11.85 percent in the April series so far.
Spot gold rates per 10 grams advanced in major metros in India. In Mumbai market, Standard gold (995 purity) was up by Rs 235 at Rs 27555 and pure gold (999 purity) was up by Rs 515 at Rs 27695.