India's Rupee Weakness Sends Gold, Silver Prices Soaring on MCX

Gold and silver prices surged on India's Multi Commodity Exchange (MCX) as the rupee weakened against the US dollar. October gold futures traded at ₹1.55 lakh per 10 grams, while September silver futures rose to approximately ₹2.38 lakh per kilogram.

The Indian rupee's depreciation to nearly 95.59 against the US dollar made importing gold and silver more expensive, pushing up local prices. A weaker rupee adds a premium to domestic prices, even when global markets remain relatively stable.

Global market factors are also driving demand for precious metals. Spot gold prices internationally traded near $4,395 per ounce, while concerns over potential supply disruptions in the Strait of Hormuz and ongoing tensions in West Asia have led investors to seek safer assets like gold and silver.