Gold price in India gained on Tuesday after a steep drop in the previous session. On the Multi-Commodity Exchange (MCX), the gold contracts rose 0.25 per cent to Rs 47,574 for 10 grams at 1150 hours on January 11. Silver also recovered on Monday. The precious metal future climbed 0.40 per cent to Rs 60,909 for a kilogram on January 11.
In the international market, gold price jumped on the back of weaker US dollar and treasury yields. Spot gold futures were up 0.3 per cent to $1,805.98 per ounce by 0535 GMT. US gold futures gained 0.4 per cent to $1,805.40. The 10-year treasury yield dropped from two-year high of 1.808 per cent to 1.778 per cent. The dollar eased on Tuesday. Traders awaited December inflation to get a clue on the timing and pace of US Federal Reserve policy normalisation.
India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s tonnage. The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to the official, Reuters reported.