Gold prices hit another high on Monday as a weaker dollar made greenback-priced bullion cheaper for overseas buyers while hopes of less-aggressive US rate hikes also lifted sentiment. On MXC, gold prices touched Rs 56,110 per 10 grams — slightly below the lifetime high or Rs 56,119 — after witnessing a hike of over Rs 365.

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Meanwhile, Silver rates were up by nearly 1 percent to Rs 69,798 per kg.

Globally, gold prices advanced to an eight-month high on Monday. Spot gold was up 0.7 percent at $1,878.55 per ounce, as of 0256 GMT, its highest level since May 9, 2022.

The hike comes as the dollar index slipped 0.3 percent. Around 12 pm, US Dollar Index Futures was up by 0.3 percent and hovered around 103.335. With this, the Indian Rupee jumped 42 paise from its previous close amid a jump in global crude oil benchmarks.

Crude oil prices jumped on Monday, adding to the gains from the previous session, as China's border opening lifted demand fears. Brent crude futures were 1.2 percent up at $79.5 per barrel at the last count. WTI futures jumped 1.2 percent to $74.7 per barrel at the last count.

Indian equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Monday, mirroring gains across global markets.

First Published:Jan 9, 2023 1:10 PM IST