Gold Prices Climb to Three-Month High as US Bond Buybacks Boost Demand

Gold and silver futures rose on MCX after the US Treasury announced higher buybacks of long-term government bonds. The global market saw gold trading near $4,700 per ounce and silver around $69 per ounce.

The October gold contract on MCX opened at ₹1,63,202 per 10 gram, up ₹320 from the previous close. At the time of writing, it was trading at ₹1,63,136, up ₹254. The September silver contract opened at ₹2,45,583 per kg, up ₹1,456 from the previous close.

In the international market, gold and silver futures were also trading higher on Comex. Gold prices had touched their highest level of the year at $5,586.20 per ounce, while silver prices had reached a high of $121.79 per ounce.