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NEW DELHI: Gold and silver prices continued their ascent on Monday as a diplomatic move by the US threatened to escalate tensions between two of the largest economies in the world, resulting in fund flows to safe havens.
The United States said on Monday it was establishing a new bilateral economic dialogue with Taiwan, a decision that could worsen relations between Washington and Beijing as China claims Taiwan as its own territory.
Gold futures on MCX were up 0.69 per cent or Rs 359 at Rs 52,060 per 10 grams. Silver futures climbed 1.31 per cent or Rs 920 to Rs 71,357 per kg.
Gold prices rose by Rs 161 to Rs 52,638 per 10 gram in the national capital on Monday amid rupee depreciation, according to HDFC Securities. Silver prices also gained Rs 800 to Rs 68,095 per kg.
Globally, gold prices rose to their highest level in nearly two weeks, as the dollar slipped to multi-year lows on bets that US interest rates would stay lower for a longer period after the Federal Reserve's new policy framework.
Spot gold was up 0.7 per cent at $1,983.77 per ounce by 0041 GMT, after hitting its highest since Aug. 19 at $1,984.97 earlier in the session. U.S. gold futures rose 0.6 per cent to $1,990.
The dollar index dropped to a more than two-year low against its rivals, making gold cheaper for holders of other currencies.
The Fed's new monetary policy strategy, which could result in inflation moving slightly higher and interest rates staying lower for longer, has triggered a sell-off in the dollar, driving inflows into safe-haven bullion.
Silver jumped 1.3 per cent to $28.59 per ounce, its highest since August 11. Platinum rose 0.9 per cent to $938.37 and palladium climbed 0.7 per cent to $2,259.57.
The United States said on Monday it was establishing a new bilateral economic dialogue with Taiwan, a decision that could worsen relations between Washington and Beijing as China claims Taiwan as its own territory.
Gold futures on MCX were up 0.69 per cent or Rs 359 at Rs 52,060 per 10 grams. Silver futures climbed 1.31 per cent or Rs 920 to Rs 71,357 per kg.
Gold prices rose by Rs 161 to Rs 52,638 per 10 gram in the national capital on Monday amid rupee depreciation, according to HDFC Securities. Silver prices also gained Rs 800 to Rs 68,095 per kg.
Globally, gold prices rose to their highest level in nearly two weeks, as the dollar slipped to multi-year lows on bets that US interest rates would stay lower for a longer period after the Federal Reserve's new policy framework.
Spot gold was up 0.7 per cent at $1,983.77 per ounce by 0041 GMT, after hitting its highest since Aug. 19 at $1,984.97 earlier in the session. U.S. gold futures rose 0.6 per cent to $1,990.
The dollar index dropped to a more than two-year low against its rivals, making gold cheaper for holders of other currencies.
The Fed's new monetary policy strategy, which could result in inflation moving slightly higher and interest rates staying lower for longer, has triggered a sell-off in the dollar, driving inflows into safe-haven bullion.
Silver jumped 1.3 per cent to $28.59 per ounce, its highest since August 11. Platinum rose 0.9 per cent to $938.37 and palladium climbed 0.7 per cent to $2,259.57.