Silver declined 0.11 per cent in the earlier session. In domestic markets, gold had hit a record high of about ₹48,000 per 10 gram in May. At present, the 24-carat gold in New Delhi will cost you Rs 46,400 per 10 gram while in Chennai the rate is Rs 48,510 and Mumbai Rs 46,000, as per the figures in goodreturns.in.
The third tranche of sovereign gold bonds, which opened for subscription on Monday, will close on 12th June. The issue price for Sovereign Gold Bond has been fixed at ₹4,677 per gram of gold while a discount of ₹50 is offered to those applying and making the payment online.
Globally, the bullion prices remained flat as investors closely watch the outcome of the US central bank's meeting on the economy’s state of affairs. Spot gold was up 0.1 per cent at $1,715.94 per ounce. Other precious metals including silver was flat at $17.60, platinum fell 0.3 per cent to $834.46.
Gold is considered as a safe-haven asset in times of political and economic upheaval. The holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell for the fourth day in a row. On Tuesday, the holdings slipped 0.1 per cent to 1,124.60 tonne.
Experts opine that the impact of the coronavirus crisis and central bank’s policy easing measures may support gold’s haven appeal. However, lifting lockdown restrictions on the rise in the equity market may hinder major rallies in the counter.