Gold, Silver Prices Rise as Speculators Build Fresh Positions

Gold and silver prices surged in early trade on Monday in the futures market as speculators built fresh positions on firm demand. The gold futures contract rose by Rs 676 to Rs 1,55,182 per 10 grams on the Multi Commodity Exchange (MCX), while silver futures jumped nearly a percent to Rs 2,38,194 per kg.

Analysts attributed the rise in precious metal prices to fresh position building by participants. Globally, gold futures in New York rose 0.40% to US$4,394.01 per ounce, and overseas silver futures rose 1.64% to US$65.74 an ounce.

The domestic retail market also saw gold rates escalate for all purity levels. According to bullion.co.in, the current prices are: 24-karat gold at Rs 1,55,590 per 10 grams, 22-karat gold at Rs 1,42,624 per 10 grams, and lower karat weights.