Gold prices on Saturday January 15, reached Rs 48,980, falling Rs 120 from Friday’s purchasing value of Rs 49,100. Silver prices however rose by Rs 200, reaching Rs 62,200 per kg.
However, gold price today at MCX is still around Rs 8,400 below its lifetime high of around Rs 56,200 per 10 gm. According to experts, MCX gold rate has been on the downside for last one and half years after reaching its life time high in August 2020.
Spot gold price is trading in the range of $1780 to $1835 per ounce and it may go up to $1900 to $1910 per ounce levels once it breaks the current hurdle at $1835 levels. They said that rising crude oil price in the global market is expected to further fuel global inflation leading to weakness in the major global and local currencies, which will push gold price further northward.
As per the updated data from MCX, gold futures, set to mature on February 4 this year, rose by 0.18 percent to Rs 47,820.00. Silver futures, which are due to mature on March 6 this year, fell by 0.44 percent to Rs 61,645.00.