Gold Prices Soar on MCX as Strait of Hormuz Hopes Rekindle

The price of gold on the Multi Commodity Exchange (MCX) surged Rs 1,200 per 10 grams to Rs 1,49,631 on hopes of the Strait of Hormuz reopening and a decline in the US dollar.

The October 5 contract on MCX opened with a gain of Rs 536 or 0.36 percent at Rs 1,49,029 per 10 grams against the previous close of Rs 1,48,493.

Gold futures for December 2026 were up by Rs 1,211 or 0.81 percent to trade at Rs 1,50,992 per 10 grams in business turnover of 7,847 lots, said Ponmudi R, CEO of Enrich Money.

However, the silver futures maturing on September 4, 2026, opened in the red with a drop of Rs 84 and later touched an intraday low of Rs 2,25,950, a fall of Rs 1,634 or 0.71 percent.