Gold prices in India saw an increase on Monday, according to data from the Multi Commodity Exchange (MCX). The price of gold stood at 71,922 Indian Rupees (INR) per 10 grams, marking a rise of INR 254 from Friday’s price of INR 71,668.
Futures contracts also reflected this upward trend, with gold prices increasing to INR 71,596 per 10 grams from INR 71,256 per 10 grams. Silver futures similarly experienced a rise, reaching INR 91,927 per kilogram, up from INR 90,548 per kilogram.
The rise in gold prices aligns with broader global trends where the yellow metal is gaining strength due to a softer US Dollar and renewed geopolitical tensions in the Middle East. These factors are providing support to gold, despite the potential selling pressure stemming from a hawkish Federal Reserve stance, which could make gold less attractive as interest rates rise.
The ongoing demand for gold by central banks worldwide and the upcoming economic indicators, such as the US GDP data and Fed officials’ speeches, are likely to further influence the market dynamics in the coming days.
