A rally in global stocks over the past few weeks has affected the safe-haven appeal of gold and other precious metals. Typically viewed as a hedge against inflation and financial uncertainty, gold prices share an inverse relationship with equities, with any decline in investors’ risk-appetite making the yellow metal and the US dollar (USD) more attractive safety bets. Here’s a lowdown on the current gold and silver rates. (Also Read: From Bonds, Derivatives To Jewellery, How To Invest Your Money In GoldGold
Comex gold settled 1.28 per cent lower at $1,788.10 per ounce on Friday. At this level, the benchmark is 14.82 per cent off an all-time high of $2,099.20 per ounce.
Comex silver ended 3.44 per cent lower at $22.64 per ounce on the same day.
What Analysts Say
Currently, MCX gold futures, for a December 4 settlement, quote at Rs 48,106 per 10 grams. On Friday, the MCX contract ended a volatile session at a loss of Rs 411, or 0.85 per cent, compared with its previous close of Rs 48,517.
The gold futures contract for a February 5 delivery settled lower by Rs 404, or 0.83 per cent, at Rs 48,114.
MCX silver futures (December 4) followed suit, tumbling by Rs 773, or 1.29 per cent, to settle at Rs 59,100 per kilogram.
Domestic Jewellery price
Currently, gold jewellery rates are near Rs 48,830 per 10 grams, according to the Mumbai-based India Bullion and Jewellers Association (IBJA), an industry body.
— IBJA (@IBJA1919) November 27, 2020
The rupee declined 0.22 per cent to complete Friday’s session at 74.04 in opposition to the US greenback, regardless of weak spot within the dollar abroad.
The greenback index – which gauges the American foreign money in opposition to six others – fell 0.22 per cent to 91.79.