Gold prices rose by Rs 200 to Rs 87,900 per 10 grams in the national capital on Monday, driven by fresh buying from jewellers and retailers and a weak rupee, according to the All India Sarafa Association. The metal of 99.9% purity had closed at Rs 87,700 per 10 grams on Friday.
Gold of 99.5% purity also gained Rs 200 to Rs 87,500 per 10 grams from its previous close of Rs 87,300 per 10 grams. Silver prices increased by Rs 100 to Rs 96,500 per kg.
On the Multi Commodity Exchange, gold futures for April delivery surged Rs 698 to Rs 84,917 per 10 grams. Silver futures for May delivery rose Rs 1,193 or 1.26% to Rs 95,521 per kg.
"Gold remained positive after last week's 1.60% profit booking. The fresh upside comes as global uncertainty persists, with tensions between US and Ukraine leaders over deal negotiations," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Trivedi added that ongoing tariff concerns and dollar volatility continue to support gold as a safe-haven asset, but any positive developments in Russia-Ukraine relations or global trade tariffs could weigh on prices.
In international markets, gold futures for April delivery climbed $34.80 or 1.22% to $2,883.30 per ounce, while spot gold rose $16.52 to $2,874.35 per ounce.
"Gold traded with a modest gain on Monday, as bargain buying and safe-haven demand provided support to the precious metals," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
Chintan Mehta, CEO of Abans Holdings, said markets are monitoring US manufacturing prices and PMI data due later on Monday for inflation cues, while awaiting non-farm employment data later this week. Mehta added that upcoming Federal Open Market Committee member speeches will provide insights into monetary policy and bullion price trends.
(With text inputs from PTI.)
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