In a volatile session, gold prices on Monday rose by ₹598 to ₹1.59 per 10 grams in futures trade amid persistent geopolitical tensions in West Asia.
On the Multi Commodity Exchange, the yellow metal for the June delivery appreciated by ₹598, or 0.38 per cent, to ₹1,59,145 per 10 grams.
In the overseas trade, Comex gold futures for the June contract were trading marginally lower at $4,553.40 per ounce in New York.
“Gold prices slipped to a one-and-a-half-month low as rising global bond yields, a stronger US dollar, and persistent tensions in the Middle East continued to pressure bullion,” Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said.
He added that US 10-year yields climbed to a one-month high and Japanese 10-year yields surged to a 29-year high, as market participants increasingly priced in the risk of energy-driven inflation from the ongoing conflict between Washington and Tehran.
“Investors will focus on preliminary PMI data from major economies, US housing data, and China’s loan prime rate decision for further cues on growth and inflation trends,” Modi said.