MCX Gold Prices Gain marginally, Platinum Hits 6-Yr High Price
MCX Gold Prices Gain marginally, Platinum Hits 6-Yr High Price

Gold prices in India gained by a margin even though there was seen a decline in international gold rates. On the Multi Commodity Exchange (MCX), during the mid-noon session, gold futures for April delivery traded higher by Rs. 97 or 0.2 percent to Rs. 47,415 per 10 gm.

In the international markets, gold witnessed a dip in price after US treasury yield jumped to its highest in close to a year.

Spot gold fell 0.1 percent to USD 1,821.84 per ounce while U.S. gold futures slipped 0.1 percent to USD 1,822.30 during the day

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 boosts treasury yield and hence there increases the opportunity cost of holding bullion.

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 USD 1,265.89, after hitting its highest since January 2015 at USD 1,269.30.

On Friday, Joe Biden pushed for the USD 1.9 trillion economic relief package and also US Treasury Secretary pushed G7 finance leaders to "go big" with an additional fiscal stimulus to recover from the COVID-19 pandemic.

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