Domestic gold prices extended gains on Monday, touching to the highest since October 12, as global gold benchmarks retreated from three-week high pressured by strength in greenback. On MCX, gold prices rose as much as 0.2 percent to Rs 50,990 per 10 grams on Monday, highest in nearly a month. White metal futures, however, fell 0.8 percent to Rs 60,066 per kg.
The dollar index — which gauges the strength of the greenback against six peers — was up 0.1 percent at 110.9 at the last count.
“Focus will now turn to the Inflation data from US and China due to be released in the week. Any print that is more than the expectation might cause traders to increase expectations that the Fed’s aggressive stance would continue and that would be positive for US Dollar and weak for gold and vice versa,” said Ravindra Rao, VP-Head Commodity Research at Kotak Securities Ltd.
Crude oil prices fell on Monday as Chinese officials reiterated strict COVID approach triggering oil demands. Rupee gained by 33 from its previous close to 82.11 vs dollar on Monday amid easing global crude oil benchmarks. However strength in greenback capped the gains.
Indian equity benchmarks
BSE Sensex and
NSE Nifty50 traded in the early hours on Monday amid positive cues across global markets.
