Gold prices on Monday rose to Rs 37,827 as speculators widened their bets on spot demand and a positive trend overseas.
On the Multi Commodity Exchange, gold contracts for February traded lower by Rs 8, or 0.02 percent, at Rs 37,765 per 10 gram at 0930 hours.
“The ‘phase one’ trade agreement was announced on Friday and on Sunday US Trade Representative Robert Lighthizer said US exports to China will nearly double over the next two years though officials are yet to decide a date to sign the agreement,” a Reuters report said. Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on strong overseas trend.
Both the precious metals are likely to remain volatile during the week amid any new developments around the trade war, experts say. They expect gold to hold $1,450 and silver $16.80 per troy ounce.
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(Inputs from Agencies)
