Gold futures maturing on June 5, 2024 were at Rs 70,981 per 10 gram on MCX, after registering a rise of Rs 345 or 0.49 per cent from the previous close of Rs 70,636.
In the international market, spot gold was up 0.6 percent at $2,343.89 an ounce, having hit a record high of $2,353.79 in the earlier session.
Gold prices have gained 12 percent so far this year as central banks have bought large amounts of the yellow metal and rising tensions over the Israel-Hamas conflict are expected to drive safe-haven demand for the precious metal in the near term. Has been. Russia-Ukraine war.
Hints of interest rate cuts by the US Fed have also led to an increase in gold buying as investors look forward to lower returns on financial assets.
On Monday, the price of 24 carat gold in Delhi was around Rs 71,430 per 10 grams, while in Mumbai it was around Rs 71,280 per 10 grams. In Chhena, the price was more than Rs 72,150 per 10 grams.
The demand for gold in the Indian market has been driven by the need for the precious metal at weddings as it is gifted in large quantities as jewelery to brides and grooms.
However, jewelers believe that rising gold prices are reducing this demand. According to him, this is also reflected in the declining imports of the precious metal.
In the international market, spot gold was up 0.6 percent at $2,343.89 an ounce, having hit a record high of $2,353.79 in the earlier session.
Gold prices have gained 12 percent so far this year as central banks have bought large amounts of the yellow metal and rising tensions over the Israel-Hamas conflict are expected to drive safe-haven demand for the precious metal in the near term. Has been. Russia-Ukraine war.
Hints of interest rate cuts by the US Fed have also led to an increase in gold buying as investors look forward to lower returns on financial assets.
On Monday, the price of 24 carat gold in Delhi was around Rs 71,430 per 10 grams, while in Mumbai it was around Rs 71,280 per 10 grams. In Chhena, the price was more than Rs 72,150 per 10 grams.
The demand for gold in the Indian market has been driven by the need for the precious metal at weddings as it is gifted in large quantities as jewelery to brides and grooms.
However, jewelers believe that rising gold prices are reducing this demand. According to him, this is also reflected in the declining imports of the precious metal.
