Higher global rates and a weaker rupee today pushed gold and silver prices higher in domestic markets. On MCX, April gold futures rose 0.38 per cent to Rs 40,639 per 10 gram, extending gains to the second day. Tracking gold, silver futures on MCX rose 0.62 per cent to Rs 45,781 per kg. The rupee today weakened to 71.42 against the US dollar, pushing the price of imported gold higher. A gold price includes 12.5 per cent import duty and 3 per cent GST, in India.
Gold can move towards Rs 40,750 while taking support near Rs 40,400 while silver can improve towards rs 46,000 while taking support near Rs 45,500, sources said. In global markets, gold prices inched higher today as a sharp jump in the death toll from a coronavirus outbreak in China pushed investors to seek the safety of bullion. Spot gold was up 0.4 per cent at $1,571.23 per ounce.
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