In the global market too, the gold has remained weak and trying to break above $1750/ounce.
In India, gold jewellery prices are different across the states as a result of excise duty, state taxes, and making charges. The price of 22-carat gold in Delhi is around Rs 46,000 per 10 gram, while in Chennai it is Rs 45,320. In Mumbai, the rate is Rs 46,000, according to Goodreturns.in.
In global markets, the yellow metal was flat as the US dollar weakened after Federal Reserve announced buying individual corporate bonds in the secondary market. In fact, the recovery in equity markets also halted gold's upside. Spot gold was flat at $1,725.23 per ounce. Other metal prices including platinum rose 0.7 per cent to $817.20, while silver fell 0.4 per cent to $17.37.
Also, reports of the Trump administration mulling $1 trillion in infrastructure spending to support the battered economy also lifted risk sentiment across the world.
Stimulus measures and lower interest rates tend to support gold, which is often considered a hedge against inflation and currency debasement. The yellow metal is seen as a safe-haven asset in times of political and economic upheaval.
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.