MCX Gold Sees Significant Growth in India

The Multi Commodity Exchange (MCX) Gold gained significantly in India today despite its fall in the global markets on Friday's trade session. The positive U.S. employment data in the United States of America jolted the prices of the metal in the bullion markets on Friday. The strong jobs data has stoked fears of higher interest rates from the Fed in the coming days.

Despite its global decline, the April gold futures on MCX witnessed growth in the early Monday trade session as it saw an addition of Rs 300 for 10 grams of 22 karats in Chennai and traded at Rs 53,650 and Rs 250 for 10 grams of 22 karats in Mumbai.

Analysts note that the MCX Gold April futures surged on Monday morning after falling sharply in the last week. The dollar index firmed up at around 103 after gaining over 1 per cent in the previous session.

The gold prices in India are rocking after Union Finance Minister - Nirmala Sitharaman announced a hike in the basic customs duty on articles and items made using gold bars.