Gold prices rose Rs 164 to Rs 48,866 per 10 gram in the futures trade on Monday as speculators created fresh positions on a firm spot demand. According to HDFC Securities, recovery in international prices and rupee depreciation have aided the rise.
According to the prices given by the Indian Bullion and Jewellers Association, on January 18, the closing rate without GST for gold (purity-999) was Rs 48,969, while for gold with purity-995 is Rs 48,773. Silver prices too fell slightly to stand at Rs. 64,895 at the end of Monday.
On the Multi Commodity Exchange, gold contracts for the February delivery traded higher by Rs 164, or 0.34 per cent, at Rs 48,866 per 10 gram in a business turnover of 7,370 lots, as per a report from Monday afternoon. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold prices traded 0.29 per cent higher at USD 1,835.20 per ounce in New York.
In the meantime, the rupee plunged by 21 paise to settle at a week's low of 73.28 against the US dollar on Monday, tracking weak domestic equities and a rebound in the American currency.
Fuel prices however continue to soar, with petrol price in Delhi crossing the Rs 85-mark, while diesel retailed at a record high of Rs 82.13 in Mumbai.
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said fuel prices had gone up because of lower production in oil-producing nations due to the coronavirus pandemic. This lower production had caused an imbalance in demand and supply, the minister said.
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