Gold and Silver Prices Climb Amid West Asia Tensions

Gold and silver futures rose on Tuesday due to short covering in gold at technical levels and safe-haven demand amid tensions in West Asia. The October gold contract on MCX opened higher, trading near Rs 1,53,457 per 10 gram, up Rs 639 from the previous close.

The benchmark December silver contract on MCX also opened higher, trading at Rs 2,40,680 per kg, up Rs 1,664. In the international market, gold and silver futures were trading higher, with gold near $4,479.80 per ounce and silver around $67.63 per ounce.

The price gains in both commodities were supported by short covering and safe-haven demand, which provided a floor to prices. Central banks' continued buying also contributed to the upward momentum.