Gold prices today: Metal opens higher on MCX, trades at $2,344/ounce in global market; check local rates

Gold futures opened higher on India’s Multi Commodity Exchange (MCX) on Tuesday, after the prices climbed down significantly in the trading session a day prior. In the opening hour, the metal was edging higher by nearly quarter-of-a-percentage point to cross the ₹72,200 per 10 gram mark.

At 10:54 am, gold futures for August delivery were trading at ₹72,220 per 10 gram on the MCX, higher by 0.24% as against the previous day’s close.

In the international market, spot gold was trading at $2,343.5 an ounce at 0550 hours GMT, up 0.3% as against the last closing price.

After rallying since the start of this year, gold’s momentum has slowed down in recent weeks, with the metal dropping below the $2,300 an ounce-mark at the start of May. The prices, however, relatively recovered last week as tensions mounted in the commodities market over an impending Israeli military offensive in Rafah, the southern enclave of Gaza.

Notably, gold had peaked to its highest-ever on April 12, when it was trading at $2,429 an ounce in anticipation of Iranian strikes against Israel. The demand for the safe-haven asset relatively eased in the forthcoming days, as both the countries hinted at not further climbing the escalation ladder.

What are the retail gold rates in Indian cities?

• As per the retail rates tracked by Upstox, the per 10 gram of 24 karat gold in Mumbai was trading at ₹75,271, up 0.39%.
• In New Delhi and Bengaluru, the retail prices remained flat at ₹74,103 and ₹74,468, respectively.
• In Chennai, the rate declined marginally by 0.1% to ₹74,687
• In Kolkata, the price increased by 1.5% to ₹75,417.

Gold has risen by around 9% in this calendar year, and by more than 43% since the outbreak of COVID-19 pandemic in March 2020. The metal’s rally is expected to continue, as it remains one of the best buying options for central banks as well as investors amid the global uncertainties, analysts said. The price in the international market could hit $3,000 an ounce in the next 6-18 months, Citi Research said in a forecast released last month.