Gold Price in India: Domestic gold futures witnessed a positive session On Monday, March 1, as gold prices rose by Rs 241 to Rs 45,520 per 10 grams in the national capital, tracking strong global bullion market trend, according to HDFC Securities. Silver rates also jumped by Rs 781 to Rs 68,877 per kg, compared with the previous close of 68,096 per kg. Multi Commodity Exchange (MCX) gold futures, due for delivery tomorrow, i.e., April 5, was last seen trading 0.19 per cent higher at Rs 45,825.00, having swung between Rs 45,626.00 and Rs 46,139.00 during the session compared to their previous close of Rs 45,736. Silver futures were trading higher by 1.49 per cent at Rs 68,265. (Also Read: Is Silver The New Gold?)
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Domestic spot gold closed at Rs 45,976 per 10 grams on Monday, and silver at Rs 68,466 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
“Spot prices for 24 karat gold in Delhi rose by Rs 241, in line with the recovery in global gold prices while rupee appreciation capped upside,” said Tapan Patel, HDFC Securities Senior Analyst (Commodities). The spot rupee was trading around 16 paise stronger against the dollar, halting three days of loss, during the intra-day session,” added HDFC Securities.
In the international markets, gold was trading stronger at $ 1,753 an ounce, while silver was up at $ 26.90 an ounce.
“Gold bounced back on back of progress on US stimulus front and correction in US dollar and bond yields. However, weighing on price is continuing ETF outflows. Gold plunged sharply and we are now seeing some relief rally however sharp gains are unlikely until US bond yields correct sharply or US stimulus is approved,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Meanwhile, the rupee settled eight paise lower to 72.33 against the dollar tracking a rise in global crude oil prices. Brent crude futures, the global oil benchmark, rose 1.69 per cent to $ 65.51 per barrel.