Gold, Silver Soar Amid Festive Season Buying, Firm Global Cues

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. The precious metals saw significant gains, with gold futures for October delivery rising by up to 0.76% or Rs 1,162 on the Multi Commodity Exchange (MCX) to an intraday high of Rs 1,52,982.

At the last count, gold was trading at Rs 1,52,900, a gain 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 pointed to the rising demand for jewellery and investments ahead of the festive season, as well as strength in international markets, supporting domestic precious metal prices. They also noted that fresh long positions in the market could keep prices firm despite near-term volatility.