prices fell as strong buying in equities on hopes of a rate cut by the RBI and positive global sentiment dented the appeal of safe-haven metal in futures trade on Monday.
Besides, muted demand by jewellers at the spot market and rupee’s rise against the dollar also weighed on the yellow metal.
A strong rupee against the dollar brings gold prices down and spurs consumption in the country.
Gold Rates – Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price
Rs/10 grms (Ahmedabad)
|Gold Future Price
Rs/10 grms Expiry: 05-Apr-2019
Silver prices also declined in futures trade on reduced demand by industrial units and coin makers.
The MCX Gold was trading at Rs 31,675 per 10 grams, down by Rs 59, while MCX Silver was trading Rs 36 lower at Rs 37,725 a kilo around 11:05 am.