Gold recorded higher on Thursday as the country entered the sixteenth day of a nationwide lockdown.MCX gold futures rose as much as 0.86 per cent – or Rs 386 per 10 grams – to touch Rs 45,327 per 10 grams during the session, compared to their previous business day of Rs 44,941 per 10 grams. The gold futures contract (delivery on June 5) settled at Rs 45,302.00 per 10 grams for the day, up 0.80 per cent – or Rs 361 per 10 grams – compared to the previous close.
According to the India Bullion and Jewellers Association (IBJA), “A Mumbai-based industry body, the closing rate of gold jewellery Standard at Rs 43,936 per 10 grams and silver at Rs 40,310 per kilogram – both excluding Goods and Services Tax (GST).”
Gold jewellery prices are different in different parts of India – the second largest consumer of the precious metal – due to factors such as excise duty, state taxes and making charges and GST.
In the international market, gold prices raised up nearly 1 per cent on safe-side buying ahead of a long weekend and a crucial meeting of top oil producers amid generally more positive markets driven by hopes.