The two-slab taxation model has been in force for the physical gold market
With rising uncertainty in global markets, gold is once again capturing investors’ attention as a safe-haven asset.
Bullion held near $3,642 an ounce, about $32 below the peak set earlier this week
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 96,800 per 10 grams on Friday.
Bullion reached an all-time peak of $2,849.05 an ounce on Wednesday
Central bank buying and strong physical demand have also fuelled the about 10% gain in bullion so far this year.
New Delhi, Oct 26 Gold price jumped Rs 300 to Rs 62,000 per 10 grams in the national capital on Thursday amid strong cues in international markets,..
Spot gold shed 0.5% to $1,920.10 per ounce by 1149 GMT, having briefly touched its highest since Sept. 1 before closing lower in the previous session.
Gold holds firm as events, including the state of the global economy and the strengthened of the US dollar in relation to other currencies.
Investment management firm Swiss Asia Capital is actively buying and holding onto the yellow metal as a long-term investment strategy.
There are short-term downside risks for gold and we've got a target range of $1,810 to $1,790, with pressure coming from higher interest rates and the dollar, said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.
Spot gold was down 0.1% at $1,896.04 per ounce by 01:59 p.m. ET (1859 GMT), after earlier touching its highest since June 2021 at $1,902.22.
As long as prices stay above $1,375 per ounce, expect the bullish momentum to continue towards the next resistance of $1,420, which initially needs to be cleared for further rallies to $1,500 or even more
Oil traders will be watching for more trade-related headlines this week, as Chinese officials are to arrive in the US on Wednesday for the next round of negotiations
Goldm prices on MCX were trading higher on Wednesday. MCX Goldm August contract was trading at Rs 26920 up Rs 33, or 0.12 percent.
MCX GOLD April contract was trading at Rs 27847 down Rs 102, or 0.36 percent. The GOLD rate touched an intraday high of Rs 27921 and an intraday low of Rs 27819.
In Delhi, gold 995 and 999 were available at Rs 27100 and Rs 27300 per 10 gram, down by Rs 20 each while both were down by Rs 60 each to Rs 27290 and Rs 27400 in Chennai market.
In Ahmedabad, spot rates of gold 995 and 999 declined by Rs 220 to Rs 28,110 and 28,235, respectively, as compared to previous day's closing rates.
Gold prices 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.
Today, gold prices lower in the major metros in India. Standard gold (99.5 purity) was down Rs 520 at Rs 27170 and pure gold (99.9 purity) was down Rs 530 at Rs 27290 in Mumbai market.
At 14:21 hrs MCX GOLDPETAL October contract was trading at Rs 2677.00 up Rs 28.00, or 1.06%. It touched an intraday high of Rs 2678.00 and an intraday low of Rs 2660.00. So far 89209 contracts have been traded.
At 11:45 hrs MCX GOLD April contract was trading at Rs 27000.00 up Rs 125.00, or 0.47%. It touched an intraday high of Rs 27060.00 and an intraday low of Rs 27000.00. So far 3 contracts have been traded.
At 15:47 hrs MCX GOLDGUINEA November contract was trading at Rs 21313.00 up Rs 29.00, or 0.14%. It touched an intraday high of Rs 21410.00 and an intraday low of Rs 21245.00. So far 3831 contracts have been traded.
At 14:08 hrs MCX GOLDPETAL October contract was trading at Rs 2673.00 up Rs 5.00, or 0.19%. It touched an intraday high of Rs 2683.00 and an intraday low of Rs 2672.00. So far 93130 contracts have been traded.
At 11:58 hrs MCX GOLDM December contract was trading at Rs 26684.00 up Rs 155.00, or 0.58%. It touched an intraday high of Rs 26750.00 and an intraday low of Rs 26592.00. So far 4035 contracts have been traded