Gold and Silver Prices Surge on Festive Buying and Global Market Positivity

Gold and silver prices rose on Wednesday, August 12, driven by festive buying and positive sentiment in global markets. The increase was attributed to the creation of fresh speculative positions by market participants, supported by firm demand in the spot market.

On the Multi Commodity Exchange (MCX), gold contracts for October delivery advanced Rs 924, or 0.6 percent, to Rs 1,54,689 per 10 grams. Analysts pointed out that the rise in precious metal prices was a result of fresh speculative positions and firm demand.

Silver prices also moved higher on Wednesday, tracking the positive momentum across the broader precious metals market. The current silver price in Delhi stands at Rs 255 per gram and Rs 255,000 per kg.