Gold and Silver Prices Surge in India's Market on August 11

On August 11, gold and silver prices rose in India's market, extending their recent gains. According to market data, MCX gold futures gained sharply, climbing above ₹1.55 lakh-per-10-gram mark during the session.

The MCX gold contract touched an intraday high of ₹1,55,437 per 10 grams, up ₹1,794 or about 1.17% from the previous day's close. Meanwhile, MCX silver futures moved above ₹2.40 lakh per kg at their intraday high.

The national silver rate was around ₹255 per gram, ₹2,550 per 10 grams, and ₹2.55 lakh per kg on August 11, compared with ₹245 per gram and ₹2.45 lakh per kg a day earlier.

Analysts are divided between the possibility of further gains and the risk of profit-booking after the recent rally in gold prices. With MCX futures and retail jewellery prices being different benchmarks, buyers should note that a rise in MCX gold does not necessarily translate into the same percentage increase in the price quoted by every jeweller.