Gold rate jumped sharply on the MCX on Monday, February 9, on a weaker dollar and healthy spot demand. MCX gold April futures jumped by more than ₹3,000, or 2%, to ₹1,58,500 per 10 grams on Monday morning. MCX silver March contracts rose by ₹15,000, or 6%, to ₹2,64,885 per kg.

The dollar’s weakness supported gold prices. As news agency Reuters reported, the US dollar was at its lowest level since February 4, making greenback-priced metals cheaper for overseas buyers.

(This is a developing story. Please check back for fresh updates.)