The increase in commodity prices would translate into higher manufacturing cost which in turn would lead to rise in CPI
The precious metal has been under pressure since the start of this year amid hopes of faster global economic recovery and rising US bond yields
The precious metal had closed at Rs 46,313 per 10 grams on February 24
One must wait for some more correction to buy gold as the the rising bond yields may continue to cap upside: Expert
The demand for the yellow metal therefore may remain elevated as it considered a hedge against inflation and currency debasement, expert said.
"Spot gold prices for 24 karat gold at Delhi traded up by Rs 337 reflecting overnight gains in global gold prices," said Tapan Patel, HDFC Securities
The precious metal had closed at Rs 45,735 per 10 grams in the previous trade
Rising bond yield and recovery in economies seem to be affecting gold and silver demand, said Anuj Gupta, Deputy Vice- President, Commodity and Curren
Watch the interview of Tapan Patel, senior research analyst of HDFC Securities to know how to invest in virtual gold.
In the previous trade, it had closed at Rs 45,807 per 10 gram