Indian spot gold rate higher than previous week’s average, silver prices also go up

HT Analytics | ByHT Analytics
Aug 11, 2020 10:13 AM IST

Get latest update on daily spot gold prices, currency exchange rates and other precious metal rates in India

The spot gold price today(Rs. 55380.0) is higher than this week's average of Rs. 55137.14 by 0.44%. The price was higher than yesterday's value of Rs. 55370.0.

Gold, Silver and other precious metal prices in India on Aug 11, 2020(Reuters)
Gold, Silver and other precious metal prices in India on Aug 11, 2020(Reuters)

Although the global gold prices($2018.9) dropped by 0.4%, the spot gold prices in India(Rs. 55380.0) saw a growth of 0.02%.

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Gold and other precious metals on Aug 11, 2020

In global markets, gold prices continued its downtrend today with a fall in the previous session as well. Spot gold fell by 0.4% to $2018.9 per Troy ounce. This price level is 5.34% higher than average gold price observed in the past 30 days ($1911.1). Among other precious metals, silver prices edged higher today. Silver gained 1.13% to $28.9 per Troy ounce.

Further, platinum price has suffered. The precious metal platinum fell 0.45% to $987.0 per Troy ounce. Meanwhile in India, gold was priced at Rs. 54934.0 per 10 gram on MCX, with a change of Rs. 307.63. Also, the price of 24k gold in the Indian spot market was quoted at Rs. 55380.0 . 

MCX Gold on Aug 11, 2020

Gold prices in India plunged today with futures on MCX by 0.56% to Rs. 54934.0 per 10 gram. In the previous session, gold was up 0.41% or about Rs. 307.63 per 10 gram. On MCX, silver futures plunged nearly 0.75% or Rs.561.11 per kg to the price level of Rs. 74815.0 per kg.

The gold spot price today (Rs. 55380.0) increased by Rs. 307.63 from yesterday (Rs. 55370.0), whereas global spot prices saw a downturn of $8.18 to $2018.9 value today. However, the trend observed in MCX future price had a decrease of Rs. 307.63 and value of Rs. 54934.0 as of today.

Currency Exchange Rate on Aug 11, 2020

The dollar to rupee conversion has been constant since yesterday and any fluctuation today in the gold price would suggest no relation with the dollar value.

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