MCX Gold and Silver Rise on Surprise US Bond Buybacks

Gold and silver futures rose on MCX after the US Treasury announced higher buybacks of long-term government bonds. The unexpected move lifted demand for gold, which climbed to a three-month high.

The benchmark October gold contract opened at ₹1,63,202 per 10 gram, up ₹320 from the previous close. It later traded at ₹1,63,136, up ₹254. Meanwhile, silver futures also opened higher, with the September contract trading at ₹2,45,700 per kg, up ₹1,573.

In the international market, gold was trading near $4,700 per ounce on Comex, while silver was around $69 per ounce. The prices had touched their highest levels of the year in both markets: $5,586.20 for gold and $121.79 for silver.