Gold, Silver Prices Surge Amid Festive Season Buying

Gold and silver prices surged in India on Monday due to strong buying momentum ahead of the festive season, along with firm global market cues. On the Multi Commodity Exchange (MCX), gold futures for October delivery jumped as much as 0.76% or Rs 1,162 to hit an intraday high of Rs 1,52,982 as of 12:38 pm.

The yellow metal was trading at Rs 1,52,900, an increase of 0.71% or Rs 1,080 from the previous day's close. Silver futures for September contract outperformed gold, rising up to 1.62% or Rs 3,755 to touch an intraday high of Rs 2,35,221 so far.

Market experts attributed the rise in precious metal prices to increased jewellery and investment demand ahead of the festive season, along with strength in international markets. They also pointed out that fresh long positions in the market could keep prices firm despite near-term volatility.