On Saturday, January 15, the price of gold fell by Rs 120 to Rs 48,980 from Friday’s purchase price of Rs 49,100. Silver, however, rose by Rs 200 to Rs 62,200 per kg.
However, gold price on MCX is still down around Rs 8,400 from its lifetime high of Rs 56,200 per 10 grams. According to experts, after reaching its life time high in August 2020, the price of gold on MCX has been on a downward trend for the last one and a half years.
Spot gold price is trading in the range of $ 1780 to $ 1835 an ounce and after breaking the current hurdle at the level of $ 1835, it can go up to the level of $ 1900 to $ 1910 an ounce. He said rising crude oil prices in the global market is expected to further boost global inflation, which will lead to weakness in major global and local currencies, leading to further upside in gold prices.
According to updated MCX data, gold futures maturing on February 4 this year rose 0.18 per cent to Rs 47,820.00. The futures price of silver, which matures on March 6 this year, declined by 0.44 percent to Rs 61,645.00.