Gold prices in the futures market on April 29, 2020 gained in line with international prices to hit an early high of Rs. 46,129 per 10 gm.
In Mumbai on April 28, 2020, the rate of 22K gold in Mumbai was Rs 42,315 plus 3 percent GST, while 24-carat 10 gram was Rs 46,195 plus GST.
In the international markets, as investors await future guidance from the Federal Reserve due later today and sluggishness in dollar which hit a 2-week low in the previous session, on risk-off sentiment gold ticked higher in price.
Spot gold gained 0.1% to $1708.53 per ounce. Also gold futures climbed 0.2% to $1725.5 per ounce.
Also, there is another big event lined up that is expected to give direction to gold price i.e. the European Central Bank meet.
Experts Advice on Gold Investment
With the Indian economy in the doldrums due to the pandemic, rupee as against the dollar is breaching new lows and investors in the current regime can take every dip in the metal as a buying opportunity as any further rupee depreciation will yield higher return on gold investment. This is because gold in India is imported and so cost of gold in rupee terms gets higher.