Gold Surges on MCX Amid Firm Global Trends
Gold and silver prices have surged in futures trade on Monday, driven by firm global trends and fresh buying by market participants. On the Multi Commodity Exchange (MCX), gold contracts for August delivery rose Rs 984, or 0.69 per cent, to Rs 1,44,090 per 10 grams, with a business turnover of 591 lots. Analysts attributed the rise to fresh positions created by traders amid firm spot demand.
In the international market, gold futures advanced 0.86 per cent to USD 4,087.69 per ounce in New York. Silver prices also gained, with September delivery contracts increasing Rs 117, or 0.95 per cent, to Rs 2,24,255 per kg on the MCX. The contract recorded a business turnover of 890 lots.
The gains in both precious metals reflected improved investor sentiment and strong global market trends, with traders building fresh positions in anticipation of sustained demand. Comex silver futures climbed 1.85 per cent to USD 59.25 per ounce overseas.