Gold, Silver Prices Surge on Strong Global Cues Amid Festive Demand
Gold and silver prices surged on Monday in India due to strong global cues and buying momentum ahead of the festive season. 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.
The yellow metal was trading at Rs 1,52,900, an increase of 0.71% or Rs 1,080. 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.
Market experts attributed the rise in prices to rising jewellery and investment demand ahead of the festive season, along with strength in international markets. They also pointed to fresh long positions in the market, which could keep prices firm despite near-term volatility.