In early afternoon trade, gold futures on the Multi Commodity Exchange (MCX) for 24-karat gold rose by 0.27 percent, gaining 428 points to reach 159,829 rupees per 10 grams. The previous trading session had closed at 159,401 rupees per 10 grams. Notably, on January 29, gold futures had touched an all-time high of 180,779 rupees per 10 grams.
According to GoodReturns, the retail price of 24-karat gold stood at 157,190 rupees per 10 grams. Meanwhile, data from the India Bullion and Jewellers Association (IBJA) showed that gold prices, which were 157,739 rupees per 10 grams in the morning session, increased to 158,907 rupees per 10 grams by midday.
In the futures market, the June MCX contract also gained momentum on Monday, rising by 598 rupees or 0.38 percent to settle at 159,145 rupees per 10 grams. This marked an upward shift from the previous level of 158,547 rupees per 10 grams.
In the national capital Delhi’s bullion market, gold prices remained unchanged on Monday. According to the All India Bullion Association, 99.9 percent pure 24-karat gold held steady at 162,800 rupees per 10 grams.
In global markets, spot gold witnessed a marginal decline, trading at 4,535.23 US dollars per ounce. In futures trade, the New York COMEX June contract was also slightly lower at 4,553.40 US dollars per ounce.
Market experts attributed the mixed movement in gold prices to multiple global and domestic factors. According to HDFC Securities senior analyst for commodities Saumil Gandhi, domestic gold prices remained largely stable despite weakness in international bullion markets, following heavy selling in the previous session. He noted that the impact was cushioned by a weakening Indian rupee, which slipped to a record low near 96.37 against the US dollar, limiting downside pressure on domestic gold rates.
Mirae Asset Sharekhan Commodity Head Praveen Singh observed that gold prices declined in spot markets as the US dollar and crude oil extended their previous week’s gains. He added that a relatively positive outcome from the US-China summit, where President Donald Trump did not raise contentious issues related to technology, trade, or tariffs, contributed to improved risk sentiment. Rising global bond yields further increased selling pressure on gold.
Overall, gold prices continue to react sharply to geopolitical tensions, currency fluctuations, and shifts in global risk appetite, keeping markets highly volatile.
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