Gold rate today: Market scenario for the day

NEW DELHI: Gold on Tuesday held near three-week lows hit in the previous session on diminishing demand for safe-haven bullion as Asian equities rallied and the US dollar gained versus the yen.

Spot gold was mostly unchanged at $1,256.77 per ounce, as of 0448 GMT. Bullion prices on Monday dropped 0.9 per cent to $1,253.66 an ounce, its weakest since April 11. US gold futures were up 0.2 percent at $1,258 an ounce.



WHAT'S HAPPENING TODAY
The yellow metal was trading 0.15 per cent, or Rs 43, down at Rs 28,610 per 10 gram, while the white metal silver was up 0.34 per cent, or Rs 133, at Rs 38,818 per 1 kg around 10.40 am (IST). Nirmal Bang Commodities said, “We expect gold prices to trade range bound for the day as equities and the dollar climbed, while worries over North Korea eased.” READ MORE

JEWELLERS SEE 40% JUMP IN SALES ON AKSHAYA TRITIYA THIS YEAR
"There is a positive sentiment across the country and there is a surge in footfalls this year. I consider this year demand to be the best after two years as consumers are back to buying gold," India Bullion and Jewellers Association (IBJA) director Saurabh Gadgil said. READ MORE

IF RATES ARE STEADY, GOLD LOAN NBFCS MAY SEE 28% GROWTH
Gold loan NBFCs such as Manappuram Finance and Muthoot Fincorp are expecting a growth of 15-28% in the current financial year in business if gold prices stay the way they are, and there are no major disruptions to the domestic and global economy. READ MORE