Gold rises Rs 278; silver jumps Rs 265
Gold prices rose by Rs 278 to Rs 46,013 per 10 grams in the national capital on Monday, supported by recovery in international prices even as rupee appreciation capped the price of the precious metal, according to HDFC Securities. The yellow metal had closed at Rs 45,735 per 10 grams in the previous trade.
In tandem, silver prices witnessed an increase of Rs 265 to Rs 68,587 per kg on Monday, compared with its previous close of Rs 68,322.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot gold prices for 24 carat gold at Delhi traded up by Rs 278 reflecting gains in global gold prices despite of sharp rupee appreciation."
The Indian rupee gained 16 paise and settled at 72.49 against the US dollar on Monday.
In the international market, gold was trading lower at USD 1774 an ounce, while silver was also down at USD 26.94 an ounce.
Gold prices traded firm on dollar decline and weak equity indices on pandemic worries. Gold prices managed to hold support at USD 1760 per ounce rebounding on bargain buying, Patel said.
"We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at USD 1760 and resistance at USD 1800. MCX Gold April support lies at Rs 45,900 and resistance lies at Rs 46,600," he noted.
