Domestic gold prices rose by Rs 100 per 10 grams on Monday, bucking the trend overseas.
The weakness in the rupee against the US dollar along with buying by jewellers pushed the yellow metal prices higher, say analysts.
In the global market, concerns on the US-China trade front and rising US interest rates have kept gold prices under pressure for past few weeks.
Going forward, analysts will watch the outcome of the upcoming two-day meet of the Federal Reserve for direction in the dollar and gold.1.
Domestic gold price:Gold prices in Delhi for 99.9 per cent and 99.5 per cent purity rallied by Rs 100 each to Rs 31,550 and Rs 31,400 per 10 grams respectively at the bullion market, according to news agency Press Trust of India.
Gold prices had shedRs 250 on Saturday.2.
Domestic silver price:Silver prices eased by Rs 50 to Rs 38,100 per kilogram.3.
Global gold price: Gold rate edged lower on Monday as the dollar held firm on news that China cancelled trade talks with the United States.Investors were focused on Sino-UStrade tensions, after China cancelled mid-level trade talks with the US.Spot gold was up 0.1 per cent at $1,198.36 by 10:47 pm, after declining as much as 1.3 per cent on Friday, news agency Reuters reported.4.Investors awaiteddetails from the two-day meeting of the US central bank starting Tuesday.
The Federal Reserve is widely expected to raise benchmark interest rates after conclusion of its policy meeting.
That would determine the movement in the dollar going forward.5.Gold has fallen over 12 per cent since a peak in April amid the intensifying trade disputes and rising US interest rates, which have diminished demand for non-interest bearing bullion.Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has prompted investors to buy US dollars in the belief that the world's largest economy has less to lose from the dispute.The dollar rose 0.1 per cent against a basket of currencies at 94.263.