Physical gold prices in India moved to a discount over official domestic rates for the first time this as covid-related restrictions impacted retail demand.
In this June quarter, India’s gold consumption is expected to falter due to lockdowns, the World Gold Council said this week.
On April 21, gold rates on MCX had hit a 2-month high of ₹48,400 amid a rebound in global rates but thereafter fell sharply.
“For the upcoming sessions, MCX Gold future likely to continue its bullish momentum towards psychological level of ₹49,000.