Gold price rose by Rs 227 to Rs 54,386 per 10 gram in the national capital on Monday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 54,159 per 10 gram. Silver also jumped Rs 1,166 per kilogram to Rs 67,270 per kg.
“Gold prices headed higher following weakness in the dollar,” Dilip Parmar, Research Analyst at HDFC Securities, said. In the international market, gold was trading flat at USD 1,798.5 per ounce while silver was up at USD 23.08 per ounce.
Gold prices in India today jump to highest in 5 months: Gold prices in India continued their recent upward trend while silver also extended gains. On MCX, gold futures rose 0.3% to five-month high of ₹54,006 per 10 gram, buoyed by firm global rates. Silver futures jumped 0.8% to ₹66,970 per kg. In global markets, gold rose to a five-month high as Chinese cities relaxed COVID-19 restrictions over the weekend. Spot gold gained past $1,800 per ounce, also supported by a pullback in US dollar. China is the biggest consumer of gold and scaling back of restrictions mean that gold demand will increase in the region, say analysts.
The dollar index today was down near five-month lows, making greenback-priced bullion cheaper for overseas buyers.
In India, gold is not just a symbol of prosperity and wealth but also a long-term investment. Gold rates change daily based on various factors ranging from local economic factors to global trends.