Gold prices in India rose to Rs 57,100 per 10 gram, surpassing the previous high of ₹56,370, hit on Friday. Silver also firmed with futures rising 0.75% to ₹70,000 per kg level. Gold rates have been on an upward trend since November, as a softer dollar and expectations of slower interest rate hikes from the US Federal Reserve added to bullion’s shine.
Gold started on a high note this New Year due to a softer dollar in the last two months and over expectations that the Fed would ease its policy tightening pace this year. The precious metal witnessed substantial buying interest after surpassing the round-level resistance of $1,900 for the first time in eight months.
Also, a sell-off in the US Dollar Index (DXY) supported a rally in the Gold price. In the international market, spot gold was at $1,918.60 per ounce as of 0014 GMT. US gold futures fell 0.1 per cent to $1,920.10.
Gold prices change daily due to currency exchange rates, excise duty, state taxes, and making charges of jewellers, which vary from state to state.
On Monday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 56,950. In Delhi, the same amount of gold can be bought at Rs 57,100, whereas in Chennai, one can buy it for Rs 58,000, which is the highest among all metropolitan cities.
