Gold rate today: Gold prices in the national capital jumped by Rs 550 on Monday, reaching Rs 97,350 per 10 grams, in line with a strong upward trend in international markets.
The price of 99.9 per cent pure gold had previously settled at Rs 96,800 per 10 grams on Friday, according to the All India Sarafa Association, quoted by news agency PTI.
Similarly, gold of 99.5 per cent purity also rose by Rs 550, climbing to Rs 96,900 per 10 grams from the previous close of Rs 96,350.
In the futures market, the June contract of gold on the Multi Commodity Exchange (MCX) surged by Rs 1,663 or 1.8 per cent, trading at Rs 94,300 per 10 grams.
In contrast, silver prices declined by Rs 400, falling to Rs 96,700 per kg from Friday’s closing level of Rs 97,100 per kg, as per the Sarafa Association report.
Globally, spot gold rose sharply by $46.34 or 1.43 per cent to trade at $3,286.83 per ounce, driven by a weaker dollar ahead of the US Federal Reserve’s two-day Federal Open Market Committee (FOMC) policy meeting, which begins Tuesday.
“Gold surged to $3,280 per ounce on a softer dollar ahead of the upcoming US Fed meeting. Market participants are cautiously eyeing Fed Chair Jerome Powell’s post-decision press conference,” said Kaynat Chainwala, AVP, Commodity Research at Kotak Securities, in a statement to PTI. She also said that uncertainty surrounding US-China trade developments is likely to maintain a cautious risk sentiment in the markets.
Meanwhile, international spot silver gained 1.24 per cent to reach $32.41 per ounce.