Gold Futures Rise Over 0.6%, Trades Above Rs 48,000.10 Gram, Silver Jumps Over 1%

Gold prices inched higher on Monday to trade near a three-month peak.

Precious metals like gold and silver witnessing buying interest on Monday as gold futures contracts for delivery on June 4, 2021 rose as much as 0.62 per cent to trade above Rs 48,000 per 10 grams on the Mullti Commodity Exchange. Gold and silver are witnessing buying interest amid rising Covid-19 infections on the back of safe haven demand for precious metals, market analysts said. In the spot market, 24 carat gold also known as fine gold was priced at Rs 47,850 per 10 grams, 22 carat gold was priced at Rs 46,230 per 10 grams, 18 carat gold was sold at Rs 38,280 and 14 carat gold was retailed at Rs 31,820 per 10 grams, according to India Bullion and Jewellers Association (IBJA).

In the international markets, gold prices inched higher on Monday to trade near a three-month peak hit last week after weaker-than-expected US jobs data supported hopes that interest rates will remain low for some time, bolstering the metal’s appeal.

Spot gold was up 0.2 per cent at $1,834.96 per ounce by 11;00 am, after hitting its highest since February 11 at $1,842.91 in the previous session.

US gold futures were up 0.2 per cent at $1,835.00 per ounce.

“The US jobs report is pretty much the start and finish of the story for gold at the moment. It has really tightened expectations out of the market, at least at the margins of Federal Reserve rate hikes,” IG Market analyst Kyle Rodda said.

Back home, silver prices also firmed up in line with gold as silver futures contracts on the MCX for delivery in July rose as much as 1.73 per cent to hit an intraday high of Rs 72,665 per kilogram. In spot market, silver was being sold at Rs 71,073 according to IBJA.

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