Gold price reached Rs 48,980 on Saturday, January 15, down Rs 120 from Friday’s purchase value of Rs 49,100. However, the silver price rose by Rs 200 and reached Rs 62,200 per kg.
However, today’s gold price at MCX is still around Rs 8,400 below its lifetime high of around Rs 56,200 per 10 grams. According to experts, the MCX gold price has been on the downside for the past year and a half after reaching its all-time high in August 2020.
The spot price for gold is trading in the $1780 to $1835 an ounce range and could rise to $1900 to $1910 an ounce once it breaks the current hurdle at $1835 levels. They said the rising price of crude oil in the global market is expected to further fuel global inflation, leading to weakness in major global and local currencies, pushing the gold price further north.
According to the updated data from MCX, gold futures, which are due to expire on February 4 this year, rose 0.18 percent to Rs 47,820.00. Silver futures, which expire on March 6 this year, fell 0.44 percent to Rs 61,645.00.