New Delhi: Gold prices rose on Monday in view of the dollar's weakness and the ever-deteriorating situation from corona in India. However, silver prices remained stable. The dollar's index weakened against its competitor currency index, boosting demand for gold, rising 0.11 percent to Rs 47,584 per ten grams in MCX on Monday. Silver futures fell 0.01 percent to Rs 68,665.

Gold fell 24 rupees, to 47,273 rupees per ten grams in Delhi, while silver fell 909 rupees, to 68,062 rupees per kilo. However, gold seems to be getting support at Rs 47,200 in the MCX for June. There is resistance for it at Rs 47,900. Gold climbed 0.1 percent to $1799.36 an ounce in the global market, while US gold futures rose 0.1 percent to $1780.10 an ounce.

Gold's retail demand declined last week due to restrictions and lockdowns imposed in India in view of the growing case of corona infection. Meanwhile, gold production in the global market has also decreased. However, investment in gold is growing on behalf of investors. Gold prices may rise further if coronavirus infection picks up and does not pick up on the vaccination front.

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