Gold prices in India gained by a margin even though there was seen a dip in international gold rates. On the MCX, at around 11:40 am, gold futures for April delivery traded higher by Rs. 97 or 0.2 percent to Rs. 47,415 per 10 gm.
International gold rates
In the international markets, gold saw a dip in price after US treasury yield jumped to its highest in close to a year.
Spot gold fell 0.1% to $1,821.84 per ounce by 0041 GMT. U.S. gold futures slipped 0.1% to $1,822.30.
The US treasury scaled to its highest since March last year and inflation chances are also rising to a six-year high. Though higher inflation augurs well for gold, it also boost treasury yield and hence there increases the opportunity cost of holding bullion.
On Friday, Joe Biden pushed for the $1.9 trillion economic relief package and also US Treasury Secretary pushed G7 finance leaders to "go big" with additional fiscal stimulus to recover from the COVID-19 pandemic.
Platinum Jumps To Its Six Year High As Supply May See Shortfall For Third Year In A Row
Platinum also gained limelight as it scaled to a six year high owing to likely shortfall. Platinum rose 1.1% to $1,265.89, after hitting its highest since January 2015 at $1,269.30.
Gold Demand Slips In India
Back home demand for physical gold eased in India even despite price correction owing to huge volatility ahead of the marriage season.