Gold prices in India hit a record high in futures markets today amid higher global rates though physical buying remained suspended in domestic markets due to the 21-day lockdown.
On MCX, June gold futures surged 1% to a new high of ₹45,800 per 10 gram. May silver futures rose 0.4% to ₹43,670 per kg. Gold prices in India include 12.5% import duty and 3% GST.
India imports most of its gold requirement. Gold may witness some profit-taking at higher levels but overall trend looks positive, SMC Global said in a note, adding that MCX gold has support at ₹45,000 while silver has support near 42500.
In global markets, gold rates were flat today but managed to hold on to near a one-month high. Worries over economy amid the coronavirus outbreak and