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Gold prices rise on first day of the week; silver rates up too
On MCX, gold futures rose 0.28 per cent to ₹44,876 per 10 gram against the opening price of ₹44,790.
Gold prices traded higher on the Multi Commodity Exchange (MCX) on Monday following a similar trend in the international prices of the yellow metal. On MCX, gold futures rose 0.28 per cent to ₹44,876 per 10 gram against the opening price of ₹44,790. Silver futures also traded higher at ₹67,090 per kg, which was a 0.37 per cent increase as against the opening price of ₹67,226 per kg.
In global markets, gold prices erased early gains on Monday owing to positive Chinese industrial output data which revived hopes of faster economic recovery, a Reuters report said. However, higher US bond yields capped the gains made in the yellow metal, the report added.
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Spot gold was steady at $1,726.54 per ounce, after rising as much as 0.4 per cent earlier in the session. US gold futures were up 0.3 per cent to $1,724.70. Among other precious metals, silver rose 0.9% to $26.14, platinum rose 1% to $1,217.37, while palladium fell 0.1% to $2,369.17.
As gold prices corrected to near one-year lows, jewellery buying gained momentum in India and also allowed dealers to charge higher premiums over official rates last week, as per a report in Reuters.
Gold prices increased from ₹44,000 to almost touch ₹56,000 in August last year. Since then, gold is down about ₹12,000. At the beginning of this year, gold prices were above ₹50,000 per 10 gram and are now down about ₹6,000 per 10 gram.
In the last week, gold moved between the range of ₹44,218 and ₹44,900. Gold's position according to the MCX April Futures last Monday was at ₹44,218/10 gram, on Tuesday was ₹44,857/10 gram, on Wednesday was ₹44,792/10 gram, on Thursday was ₹44,879/10 gram and on Friday was ₹44,271/10 gram.
