Gold, Silver Prices Surge Ahead of Raksha Bandhan Amid Global Uncertainty

Gold and silver prices have surged ahead of Raksha Bandhan in India. The September silver contract on the Multi Commodity Exchange (MCX) opened at Rs 2,42,999 per kg, a rise of Rs 3,361 from its previous close.

Silver has delivered a strong return of over 76 percent over the past year, making it an increasingly expensive metal for investors and jewelry buyers. Despite this, prices continued to trade above the Rs 2.40 lakh mark after some initial profit booking.

Gold also gained, with the October gold contract on MCX opening at Rs 1,60,499 per 10 grams, a rise of Rs 836 from its previous close. Gold prices have gained more than 36 percent over the past year due to rising international prices and persistent inflation in the US.

Market experts attribute the increase in gold and silver prices to the ongoing US-Iran conflict and the resulting uncertainty in global markets. The festive season, including Raksha Bandhan, is also expected to boost demand for jewelry, further supporting prices.