Today, gold has witnessed a drop in prices. The yellow metal, which was upward moving since the outbreak of the COVID-19 pandemic, tumbled over emergence of economies from coronavirus-led shutdowns.
Today, as per IBJA indicative retail selling rates for gold jewelry, for 22 carat, the rate is Rs 4,493 per gram and for 18 carat, the rate is Rs 3,718 per gram. The rate of fine gold is Rs 4,669 per gram. These rates are excluding of making charges and GST.
The retail selling price of gold jewellry on Tuesday (June 2) was Rs 4,529 per gram for 22 carat, while 18-carat gold jewelry was sold at Rs 3,747 per gram (plus charges and GST), according to IBJA. Fine gold was sold at Rs 4,708 per gram.
Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “MCX Gold August contract was not able to break through 47,200 levels and gave a sharp fall up to 46,500 levels indicating a downside to marginal sideways momentum to continue further. Prices hold support near 46,300-46,500 levels.”
On Wednesday morning, international bullion prices started lower in Asian trade. “However, hopes of additional stimulus from ECB tomorrow and weak US Dollar capped downside.” Not just the global market but Indian market also saw a rally, due to optimism around the economies.
“Technically, LBMA GOLD spot gave a breakdown after retreating from USD 1,745 levels forming a bearish candlestick indicating a sign of bearish reversal up to USD 1,717- USD1,706. Prices are likely to trade in the range of USD 1,715-USD 1,736 levels,” said Iyer.
