Gold Futures Soar Higher, Breaches ₹ 49,750 Mark

Domestic gold futures witnessed a highly volatile trading session on Tuesday, December 8, as the yellow metal gained upon positive global trends, then lost steam amid record highs in equities. Multi Commodity Exchange (MCX) gold futures, due for a February 5 delivery, were last seen trading lower by 0.19 per cent - at ₹ 49,849, having swung between ₹ 50,078 and ₹ 49,905 during the session compared to their previous close of ₹ 49,946. Silver futures for a March 5 delivery were lower by Rs 0.85 per cent at Rs 64,940.

The rupee strengthened 30 paise against the US dollar on Tuesday, to settle at 73.60 (provisional), amid heavy buying in domestic equities.

Domestic spot gold closed at ₹ 49,782 per 10 grams on Tuesday, and silver at ₹ 63,839 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

In the international market, gold was quoting at $1,864 per ounce, while silver was trading flat at $24.52 per ounce.

Spot gold prices for 24 carat in the national capital rallied ₹ 816, reflecting gains made in international gold prices'', said Tapan Patel, HDFC Securities, Senior Analyst.