Gold, Silver Prices Soar on Festive Buying and Global Trends
Gold and silver prices surged on August 10 as festive buying and global market trends lifted sentiment. The increase in jewellery and investment demand ahead of the festive season, combined with firm international market trends, has provided support to domestic gold and silver prices.
The yellow metal's MCX futures for October delivery rose 0.76% or Rs 1,162 to reach an intraday high of Rs 1,52,982 by 12:38 pm. At last count, it was trading at Rs 1,52,900, up 0.71% or Rs 1,080.
Silver outperformed gold, with September futures climbing as much as 1.62% or Rs 3,755 to hit an intraday high of Rs 2,35,221. At the last count, silver was trading at Rs 2,34,893, marking a gain of 1.48% or Rs 3,427.
Market experts cautioned that some near-term volatility could persist despite the positive trend. Fresh long positions in the futures market are lending strength to precious metals, but investors are also tracking upcoming US economic data and international markets for fresh cues.