Gold and Silver Soar on Safe-Haven Demand from China's Investors

Gold and silver futures rose on the Multi Commodity Exchange (MCX) due to safe-haven demand. Institutional investors in China have increased their exposure to gold, while China's central bank has stepped up gold purchases. This has supported prices of both gold and silver.

In the global market, gold was trading near $4,450 per ounce on Comex, while silver was around $66 per ounce. On MCX, gold futures were trading near ₹1,55,100 per 10 gram at the time of writing, while silver futures were around ₹2,39,150 per kg.

The benchmark October gold contract opened at ₹1,54,699 per 10 gram, up ₹1,600 from the previous close of ₹1,53,099. It touched a high of ₹1,55,437 and a low of ₹1,54,699 during the session. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver futures also opened on a strong note, with the benchmark September silver contract on MCX opening at ₹2,39,999 per kg, up ₹3,132 from the previous close of ₹2,36,867. It touched a high of ₹2,41,999 and a low of ₹2,37,881 during the session. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.