Indian Gold and Silver Futures Surge Amid Low Demand

Gold and silver futures rose significantly in India on Wednesday amid low demand in the spot market. Gold futures reached a high of Rs 1,63,202 per 10 grams, increasing by over Rs 400 from the previous day's close. Silver futures also surged nearly Rs 2,000 to a level of Rs 2,46,180 per kilogram.

The MCX Gold and Silver futures contracts for September 4 and October 5 expirations were up by Rs 17 and Rs 1,023 respectively from the last close. The spot gold rate remained range-bound due to weak demand in the physical market.

The 24 karat gold rate in India's retail market on August 26 is Rs 1,63,400 per 10 grams, while the 22 karat gold rate is Rs 1,49,783 per 10 grams. The rates vary across major Indian cities, with Delhi and Mumbai seeing a slightly lower price compared to other cities.