New Delhi: Gold prices rose by Rs 200 to Rs 87,900 per 10 grams in the national capital on Monday amid fresh buying by jewellers and retailers and a weak rupee, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 87,700 per 10 grams on Friday.
Gold of 99.5 per cent purity advanced by Rs 200 to Rs 87,500 per 10 grams. It had settled at Rs 87,300 per 10 grams in the previous market close.
Additionally, silver prices also went up by Rs 100 to Rs 96,500 per kg.
In futures trade on the MCX, gold contracts for April delivery jumped Rs 698 to Rs 84,917 per 10 grams.
“Gold remained positive after last week’s 1.60 per cent profit booking. The fresh upside comes as global uncertainty persists, with tensions between US and Ukraine leaders over deal negotiations,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Further, Trivedi stated that ongoing tariff concerns and dollar volatility continue to support gold as a safe-haven asset. However, any positive developments in Russia-Ukraine relations or global trade tariffs could pressure prices.
Also, silver futures for May contracts surged by Rs 1,193 or 1.26 per cent to Rs 95,521 per kg on the Multi Commodity Exchange (MCX).
In the international markets, gold futures for April delivery climbed by USD 34.80 or 1.22 per cent to USD 2,883.30 per ounce. Meanwhile, spot gold rose by USD 16.52 to USD 2,874.35 per ounce.
“Gold traded with a modest gain on Monday, as bargain buying and safe haven demand provided support to the precious metals,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
According to Abans Holdings’ Chief Executive Officer Chintan Mehta, markets are watching US manufacturing prices and PMI data to be released later on Monday for inflation cues while awaiting non-farm employment data later this week.
Focus is also on upcoming Federal Open Market Committee (FOMC) member speeches for insights into monetary policy and trajectory for the bullion prices, Mehta said.
