Gold and Silver Prices Soar on Festive Demand and Global Cues
Gold and silver prices in India surged on Monday due to strong buying momentum ahead of the festive season, along with firm global cues.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery jump by as much as 0.76% or Rs 1,162 to hit an intraday high of Rs 1,52,982 as of 12:38 pm. At the last count, gold was trading at Rs 1,52,900, an increase of 0.71% or Rs 1,080.
Silver futures for September contract outperformed gold, rising up to 1.62% 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% or Rs 3,427.
Market experts pointed out that rising jewellery and investment demand ahead of the festive season, along with strength in international markets, was supporting domestic precious metal prices. They also noted that fresh long positions in the market could keep prices firm despite near-term volatility.