Festive Demand Boosts Gold to ₹1.52 Lakh, Silver to ₹2.35 Lakh on MCX
Gold and silver prices rose significantly on Monday due to increased buying momentum ahead of the festive season and firm global market cues. On the Multi Commodity Exchange (MCX), gold futures for October delivery jumped by as much as 0.76 per cent or Rs 1,162 to hit an intraday high of Rs 1,52,982 as of 12:38 pm.
The yellow metal was trading at Rs 1,52,900, a rise of 0.71 per cent or Rs 1,080. In contrast, it touched an intraday low of Rs 1,51,461, down 0.23 per cent or Rs 359.
Meanwhile, silver futures for September contract outperformed gold by rising up to 1.62 per cent or Rs 3,755 to touch an intraday high of Rs 2,35,221 so far. The white metal was trading at Rs 2,34,893, a jump of 1.48 per cent or Rs 3,427.
Market experts attributed the rise in precious metal prices to increased jewellery and investment demand ahead of the festive season, along with strength in international markets. They also pointed to fresh long positions in the market, which could keep prices firm despite near-term volatility.