Gold prices on Thursday rose Rs 254 to Rs 45,800 per 10 gram in futures trade as speculators indulged in creating fresh positions on firm spot demand.
On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 254, or 0.56 per cent, to Rs 45,800 per 10 gram in a business turnover of 14,136 lots. The yellow metal for August delivery edged up by Rs 280, or 0.61 per cent, to Rs 45,937 per 10 gram in a business turnover of 5,650 lots.
According to the India Bullion and Jewellers Association (IBJA), the opening rate of gold jewellery stood at Rs 45,964 per 10 grams and silver at Rs 42,300 per kilogram - both excluding Goods and Services Tax (GST).
Fresh positions built up by participants on spot demand mainly led to rise in gold prices, analysts said. In the international market, gold was trading higher at USD 1,716 per ounce and silver at USD 15.32 per ounce.
Gold demand in India fell 36 per cent in the January-March quarter of this year to 101.9 tonne due to volatile prices, economic uncertainties and coronavirus-induced nationwide lockdown towards the end of the quarter, according to a report.
As per to the World Gold Council's (WGC) Q1 Gold Demand Trends report, in terms of value India's the first quarter gold demand fell 20 per cent to Rs 37,580 crore, compared to Rs 47,000 crore in the same period of 2019.