Gold Price in India: Domestic gold futures registered a volatile trading session on Tuesday, December 15, as the yellow metal soared amid a strong global trend. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading higher by 0.93 per cent - at Rs 49, 396, having swung between Rs 49,035 and Rs 49,589 during the session compared to their previous close of Rs 48,939. Silver futures for a March 5 delivery were higher by 1.78 per cent at Rs 64,598. (Also Read: Is Silver The New Gold?)
In the national capital, gold prices rose by as much as Rs 514 to Rs 48,847 per 10 gram today on a strong global trend. Silver rates also surged by Rs 1,046 to Rs 63,612 per kilogram, from Rs 62,566 per kilogram, in the previous trade. In the international market, gold was trading higher at $1,845 per ounce, while silver was quoting flat at $ 23.16 per ounce.
Domestic spot gold closed at Rs 49,296 per 10 grams on Tuesday, and silver at Rs 63,170 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
"Spot gold prices for 24 carat in Delhi rose by Rs 514, reflecting gains in global gold prices and rupee depreciation," said Tapan Patel, HDFC Securities Senior Analyst (Commodities).
"Gold is trading higher primarily as the dollar fell against its major crosses, and also as uncertainty related to stimulus package announcement from the US continues,'' said Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.
Meanwhile, the rupee slumped by eight paise to settle at 73.63 (provisional) against the US dollar on Tuesday, December 15, tracking muted domestic equities. Whereas, the dollar index, which gauges the greenback's strength against a basket of six peers, was trading at 0.06 per cent lower at 90.65.