Gold futures on MCX rise over concerns of ‘Delta’ variant
The September contract of silver on the MCX was trading at Rs 67,228 per kg, lower by Rs 18 from its previous close.
Gold prices on Monday soared by Rs 41,000 per 10-gram mark in futures trade as speculators moved towards safe haven, owing to the escalating US-Iran tensions.
Gold futures crossed above Rs 41,000-level to a record Rs 41,096 during the day. At 10.26 am, it was trading at Rs 40,939 per 10 gram, up 2.06 per cent or Rs 827 on MCX. Silver futures were also up 2.08 per cent to Rs 48,514 per kg.
Iranian General Qasem Soleimani, was killed last week in Iraq by a US drone, sending global financial markets into a tailspin ever since.
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Iran on Sunday said it will no longer abide by any of the limits imposed by 2015 nuclear deal, sparking fears of a military conflict. Besides, Iraq’s parliament urged its leaders to expel US-led coalition troops from the country.
Gold prices on Monday also drew support from the weakening rupee against the US dollar, as India is one of the biggest importers of Gold. Bullion prices jumped to Rs 41,096 per 10 gram.
The rupee slipped beyond Rs 72 a dollar. At 1.39 p.m. on Monday, it was trading at Rs 72.02 a dollar, lower by 21 paise on its previous close.
US President Donald Trump has warned Iran of “major retaliation” if Tehran carries out any attack against America to avenge the killing of top military commander Qasem Soleimani and hinted at striking its cultural sites.
Globally, spot gold prices rose jumped over 2 per cent to $1,587 an ounce in New York.
(With input from agencies)
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