Gold, Silver Prices Surge Amid Geopolitical Uncertainty

Gold and silver prices surged on Wednesday, August 5, in India's domestic futures markets. The Multi Commodity Exchange (MCX) saw gold futures for the October contract jump ₹2,165, or 1.5%, to ₹1.46 lakh per 10 grams.

Silver futures for September delivery gained ₹4,320, or 1.95%, to ₹2.25 lakh per kg. The global market also saw a rise in prices, with Comex gold futures for December delivery climbing nearly 2% to $4,226.50 per ounce, and silver futures rising 3.21% to $61.46 per ounce.

Analysts attributed the rally to increased demand for precious metals amid geopolitical developments, a softer US dollar, and changing expectations around global monetary policy.

Gaurav Garg, Head of Research at Lemonn Markets Desk, said gold extended its gains for the second straight session as investors increased safe-haven buying following renewed geopolitical uncertainty and a weaker US dollar.