Gold and Silver Prices Soar on Crude Oil Decline and Equity Rally
Gold and silver prices surged in India's domestic futures market due to declining crude oil prices and strong equity markets. The price of gold rose ₹1,120 to ₹1,44,230 per 10 grams on August 5 expiry contract, while silver jumped by ₹2,600 to ₹2,24,749 per kilogram on September 4 expiry contract.
The Multi Commodity Exchange (MCX) saw a significant increase in prices with gold trading at ₹1,44,123, up ₹1,017 or 0.71% from the previous day's closing. Silver was quoted at ₹2,24,629, up ₹2,491 or 1.12%.
The recovery of prices can be attributed to falling crude oil prices and strong equity markets, which have positively impacted the precious metals market.