Gold prices on Monday jumped Rs 401 to Rs 43,067 per 10 gram in futures trade as speculators increased their bets tracking positive trend overseas.
On the Multi Commodity Exchange, gold contracts for April traded higher by Rs 401, or 0.94 per cent, to Rs 43,067 per 10 gram in a business turnover of 2,117 lots.
The yellow metal for June delivery edged up by Rs 406, or 0.95 per cent, to Rs 43,269 per 10 gram in a business turnover of 125 lots.
Crude oil prices declined as global investors and traders weighed the effects of spreading coronavirus, which has dampened demand for oil from China, world's second top consumer. As per Bloomberg estimates, China's crude oil demand is expected to fall by nearly 3 million barrels per day (mbpd), which is nearly 20 per cent lower from the current requirement of 15 mbpd. This fall prompted the OPEC to call an emergency meeting to decide on further cuts from its 2.1 mbpd output, which comprised of 1.7 mbpd cut by OPEC+ and a voluntary cut of 0.4 mbpd by Saudi Arabia.
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