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Gold Prices Climb Ahead Of Akshaya Tritiya
Gold prices in the futures market gained as investors flocked to the safe haven metal amid the fall in equity markets and rupee's value against the dollar. After US President Donald Trump threatened to raise tariffs on Chinese goods, trade tensions between the two countries intensified, prompting a risk-off sentiment across world markets.
Global factors
Spot gold was trading 0.2 percent higher at $1,281.91 per ounce, while US gold futures were up 0.2 percent at $1,283.20 an ounce.
On Sunday, Trump announced that he would hike tariffs on Chinese goods worth $200 billion this week and would be targeting goods worth $325 billion with 25 percent tariffs "shortly."
Domestic trade
In India, the two major equity benchmarks Sensex and Nifty slumped from global cues. The added pile from rupee's weakness against the US dollar and increased demand for the metal among local jewellers ahead of Akshaya Tritiya pushed the gold prices in India higher.
MCX Gold was trading 0.47 percent (or Rs 149) higher at Rs 31,596 per 10 grams.
On the other hand, MCX Silver was trading lower by 0.27 percent at Rs 37,290 per kilo. Its price fell by Rs 101.
Gold and silver rates in major Indian cities
10 grams of 22 carat gold was priced at Rs 30,850 in Delhi, Rs 30,740 in Mumbai, Rs 30,240 in Chennai and Rs 31,020 in Kolkata. Silver rates per kilogram fell to Rs 39,580 across all major Indian cities.
