An increase of 0.02% in spot gold price in India was seen since yesterday, taking the value to Rs. 54810.0 from Rs. 54800.0. It was also higher than the previous week average of Rs. 53958.57 by 1.58%.

Although the gold price in both global($2065.0) as well as Indian market(Rs. 54810.0) experienced a growth, the spot gold prices in Indian market grew by a lesser rate of 0.02% as compared to Global gold prices of 0.06%.

Gold and other precious metals on Aug 07, 2020

Global spot prices continued to grow as per the current close with a value of $2065.0 per Troy ounce. The total growth being of 0.06%. This price level is 9.01% higher than average gold price observed in the past 30 days ($1878.9). Among other precious metals, silver prices saw a fall today. Silver plunged 1.99% to $28.8 per Troy ounce.

Further, platinum price has suffered. The precious metal platinum fell 1.8% to $983.5 per Troy ounce. Meanwhile in India, gold was priced at Rs. 56410.0 per 10 gram on MCX, with a change of Rs. 293.33. Also, the price of 24k gold in the Indian spot market was quoted at Rs. 54810.0 . 

MCX Gold on Aug 07, 2020

On MCX, gold futures prices in India jumped 0.52% to Rs. 56410.0 per 10 gram. In the previous session, gold was up 0.94% or about Rs. 293.33 per 10 gram. On MCX, silver futures grew nearly 2.14% or Rs. 1659.16 per kg to the price level of Rs. 77531.0 per kg.

The gold spot price today (Rs. 54810.0) increased by Rs. 293.33 from yesterday (Rs. 54800.0), along with global spot prices growth of $1.32 to $2065.0 value today. Similar trend was observed in MCX future price with an increase of Rs. 293.33 and value of Rs. 56410.0 as of today.

Currency Exchange Rate on Aug 07, 2020

The dollar to rupee conversion today increased to Rs. 74.9 as compared to previous close of Rs. 74.8. The rise of dollar against rupee might influence gold’s rate today reflecting a higher gold price in the domestic markets.