Gold Prices Surge 10%, Silver Rises 8.3% Amid Global Turmoil
The gold market experienced a significant surge in prices over the past fortnight, rising by around 10% since July 31. This increase was driven by various factors, including cooling US inflation data and heightened geopolitical tensions over the Strait of Hormuz.
According to HDFC Sky, COMEX gold futures rose from $4,098.6 per ounce on July 31 to $4,467 per ounce on August 12, a gain of $368.40 or 8.99%. The LBMA Gold PM fix climbed 9.94% from $4,026.6 to $4,426.65 per ounce during the same period.
The domestic market mirrored global trends, with MCX gold October futures closing at ₹1,53,373 per 10 grams and silver at ₹2,35,850 per kilogram on August 13. Silver exhibited even more dramatic moves during the period, surging 8.3% from July 28 to August 5.
However, both metals faced selling pressure on August 14 as investors booked profits after the sharp run-up, with COMEX gold futures declining 1.01% to $4,375.60 per ounce and silver falling 1.34% to $64.120 per ounce in morning trade.