Gold prices staged a robust comeback on Monday, climbing significantly in both domestic and international markets. This rally followed a pullback last week, with fresh geopolitical concerns related to oil-rich Venezuela and anticipation of key US economic data driving investor interest back to the safe-haven asset.
Domestic Market Recovers Strongly
In the Indian markets, February gold futures on the Multi Commodity Exchange (MCX) surged by Rs 1,509, or 1.11%, to settle at Rs 1,37,270 per 10 grams. Trading activity was notably brisk, with a turnover of 15,226 lots recorded during the session. This upward move marks a decisive recovery from the previous week's weakness, where the precious metal had declined by Rs 4,112, or 2.94%, after hitting record highs in late December.
Global Sentiment Fuels Comex Rally
The positive sentiment was mirrored globally. On the Comex, gold futures for February delivery jumped by $86.4, translating to a gain of 2%, to reach $4,416 per ounce. This increase came after a substantial decline of $223.1, or 4.9%, during the holiday-shortened prior week, which had ended with prices at $4,329.6 per ounce on Friday.
City-Wise Gold Prices in India (Per 10 Grams)
Here is a snapshot of gold rates across major Indian cities for today:
- Ahmedabad: 24-carat at Rs 12,600; 22-carat at Rs 13,745.
- Bangalore: 24-carat at Rs 12,595; 22-carat at Rs 13,740.
- Bhubaneswar: 24-carat at Rs 12,595; 22-carat at Rs 13,740.
- Chennai: 24-carat at Rs 12,680; 22-carat at Rs 13,833.
- Delhi: 24-carat at Rs 12,610; 22-carat at Rs 13,755.
- Hyderabad: 24-carat at Rs 12,595; 22-carat at Rs 13,740.
- Jaipur: 24-carat at Rs 12,610; 22-carat at Rs 13,755.
- Kanpur: 24-carat at Rs 12,610; 22-carat at Rs 13,755.
- Kolkata: 24-carat at Rs 12,595; 22-carat at Rs 13,740.
- Mumbai: 24-carat at Rs 12,595; 22-carat at Rs 13,740.
The resurgence in gold prices today underscores the metal's role as a traditional hedge during times of geopolitical uncertainty and economic data anticipation. Market participants are now closely watching the unfolding situation in Venezuela and the upcoming US macroeconomic indicators, which will likely set the tone for MCX gold futures and global benchmarks in the near term.
