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Wednesday, December 02, 2020

Gold Price Today: Spot prices hover near Rs 51,000-mark amid Dhanteras demand

Gold Price Today: The opening price for gold of 999 purity was Rs 50,950 per 10 grams, up Rs 248 from Thursday's closing price of Rs 50,702, while that of 995 purity gold was Rs 50,746, up Rs 247 from Rs 50,499 on Thursday, according to the data published by India Bullion and Jewellers Association (IBJA).

Written by Debashish Pachal | New Delhi | Updated: November 13, 2020 1:47:16 pm
gold, gold jewellery, gold price, gold price today, dhanteras gold priceGold Jewelry in a window display in India. (Photographer: Kanishka Sonthalia/Bloomberg)

Gold Price Today: Prices of gold across India’s key spot markets opened higher today amid the festive demand on the occasion of Dhanteras, analysts said.

The opening price for gold of 999 purity was Rs 50,950 per 10 grams, up Rs 248 from Thursday’s closing price of Rs 50,702, while that of 995 purity gold was Rs 50,746, up Rs 247 from Rs 50,499 on Thursday, according to the data published by India Bullion and Jewellers Association (IBJA).

Likewise, price for gold of 916 purity was Rs 46,670, up Rs 227 from Rs 46,443 and that of 750 purity gold was Rs 38,213, up Rs 186 from Rs 38,027. The 585 purity gold was marked at Rs 29,806, up Rs 145 from Rs 29,661, the data showed.

Dhanteras, considered the most auspicious day in Hindu calendar for buying items, ranging from precious metals like gold and silver to utensils, is being celebrated for two days on Thursday and Friday this year.

Gold futures on the Multi Commodity Exchange of India (MCX) too were trading higher on Friday, in line with the spot market and taking cues from the global benchmark that held firm in a narrow range on Friday.

At 12:40 pm, the gold contract for December delivery was trading at Rs 50,663 per 10 grams, up Rs 63 or 0.12 per cent from Thursday’s close of Rs 50,600. The volumes stood at 1,932 lots while the open interest (OI) was at 9,069 lots, data from MCX showed.

According to data by Reuters, the spot gold rose 0.2 per cent to $1,879.11 per ounce by 0601 GMT, while the US gold futures gained 0.2 per cent to $1,877.10.

Kedia Commodity Comtrade has advised a ‘BUY on dips’ on the MCX Gold December contract for a two-month view, at Rs 50,000-50,200 per 10 grams, with a target of Rs 52,000-52,500, while keeping a stop loss of Rs 49,400.

“If we take an outlook of Diwali to Diwali, the current band of Rs 49,000-50,000 is attractive for buying/adding. In the coming year, gold can reach up to Rs 61,000-level as there are still concerns over the economy and the recovery may be gradual. If there is a correction in the stock market then it can trigger safe-haven buying in gold during the next 6-12 months,” Ajay Kedia, director at Kedia Commodity Comtrade told Indianexpress.com.

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