Gold Rate Today: Gold jumps on weakness in equities, softer rupee

Gold prices jumped in futures trade on Monday as a sharp selloff in equities raised the demand for gold as a safe-haven metal.

Rupee’s weakness against the US dollar, an uptick in demand by jewelers at spot markets and positive global cues, too, helped gold to climb higher.

Global gold prices gained, as tensions in West Asia and weaker financial markets supported the metal.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.72 percent to 820.49 tonnes last Friday from Thursday, Reuters reported.

Silver also saw sharp gains on heightened demand by industrial units and coin makers at the spot markets.

Around 11 am, MCX Gold traded at Rs 35,160 per 10 grams, up by Rs 124, while MCX Silver traded Rs 41,260 a kilo, up by Rs 578.

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