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Home / Business News / India’s spot gold rate soars slightly despite drop in global rates

India’s spot gold rate soars slightly despite drop in global rates

Although the global gold prices($1892.7) dropped by 0.37%, the spot gold prices in India(Rs. 50460.0) saw a growth of 0.02%.

business Updated: Oct 09, 2020, 13:48 IST
HT Analytics
HT Analytics
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Gold, Silver and other precious metal prices in India on Oct 09, 2020
Gold, Silver and other precious metal prices in India on Oct 09, 2020(Reuters)

An increase of 0.02% in spot gold price in India was seen since yesterday, taking the value to Rs. 50460.0 from Rs. 50450.0. It was also higher than the previous week average of Rs. 50360.0 by 0.2%.

Although the global gold prices($1892.7) dropped by 0.37%, the spot gold prices in India(Rs. 50460.0) saw a growth of 0.02%.

Gold and other precious metals on Oct 09, 2020

In global markets, gold prices moved lower today after an uptick in the previous session. Spot gold fell by 0.37% to $1892.7 per Troy ounce. This price level is 1.09% lower than average gold price observed in the past 30 days ($1913.4). Among other precious metals, silver prices edged higher today. Silver gained 0.27% to $23.8 per Troy ounce.

Further, platinum price has suffered. The precious metal platinum fell 0.62% to $879.0 per Troy ounce. Meanwhile in India, gold was priced at Rs. 50593.0 per 10 gram on MCX, with a change of Rs. 0.0. Also, the price of 24k gold in the Indian spot market was quoted at Rs. 50460.0 . 

MCX Gold on Oct 09, 2020

On MCX, silver futures grew nearly 1.0% or Rs. 614.26 per kg to the price level of Rs. 61426.0 per kg.

The gold spot price today (Rs. 50460.0) increased by Rs. 0.0 from yesterday (Rs. 50450.0), whereas global spot prices saw a downturn of $6.0 to $1892.7 value today. No change was seen in MCX future price as of today, and had a value of Rs. 50593.0.

Currency Exchange Rate on Oct 09, 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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