Gold Surges to Rs 1.52 Lakh, Silver Tops Rs 2.33 Lakh on MCX

Gold and silver prices surged on Monday, August 10, with both metals experiencing significant gains on the Multi Commodity Exchange (MCX). The price of gold moved close to Rs 1.52 lakh per 10 grams, while silver crossed Rs 2.33 lakh per kg.

The upward trend in gold and silver prices has continued over the past week. On July 31, MCX gold closed at Rs 1,43,376 per 10 grams, but had risen to Rs 1,51,985 by last Friday. This represents an increase of Rs 8,609 per 10 grams in just five trading sessions.

Silver also witnessed strong gains on Monday, with September-delivery silver on MCX rising to Rs 2,33,730 per kg. This marks a gain of Rs 2,264, or 0.98 per cent, and represents a significant rise over the past week. On July 31, MCX silver stood at Rs 2,18,295 per kg, compared with Rs 2,31,381 per kg at Friday's close.

Market experts attributed the recent price movements to developments in the Middle East, rising crude oil prices, and a stronger US dollar. However, they also noted that if tensions in the Middle East escalate further, demand for gold as a safe-haven investment could increase, potentially providing additional support to prices.