3 weeks ago
Gold, Silver Surge on Festive Demand and Global Cues
Gold and silver are shiny metals that people buy to keep their money safe and to make beautiful jewellery.
On Monday, the prices of gold and silver went up a lot in India.
A place called the Multi Commodity Exchange, or MCX, is where these metals are traded in the country.
Gold became more expensive, reaching close to Rs 1,53,000 for one standard amount.
Silver went up even more, reaching about Rs 2,35,000.
The main reason is that many people in India buy gold and silver jewellery for the upcoming festive season.
When many people want to buy something, the price usually goes up.
Prices in other countries were also strong, which helped push prices higher here.
Experts think prices could rise a little more, but they might also dip, so they are watching carefully.
Investors are paying close attention to new economic data from the United States to guess what happens next.
Gold futures for October delivery on MCX jumped up to 0.76% or Rs 1,162 to an intraday high of Rs 1,52,982 on Monday.
Silver futures for September contract outperformed gold, rising up to 1.62% or Rs 3,755 to an intraday high of Rs 2,35,221.
Gold was last trading at Rs 1,52,900, up 0.71%, while silver was trading at Rs 2,34,893, up 1.48%.
Market experts attributed the gains to rising jewellery and investment demand ahead of the festive season, firm international markets, and fresh long positions.
Investors are closely watching upcoming US economic data and international market trends for further direction.
- Who
- Investors and market experts trading in precious metals on the Multi Commodity Exchange (MCX).
- What
- Gold and silver prices surged by more than 1% on MCX, with gold hitting an intraday high of Rs 1,52,982 and silver Rs 2,35,221.
- Where
- Mumbai, India (Multi Commodity Exchange).
- When
- Monday, with gold touching its intraday high as of 12:38 pm.
- Why
- Buying momentum ahead of the festive season, firm global market cues, and fresh long positions in the market.
Key facts
- Exchange
- Multi Commodity Exchange (MCX)
- Gold futures contract
- October delivery
- Gold intraday high
- Rs 1,52,982 (up 0.76% or Rs 1,162)
- Gold last traded
- Rs 1,52,900 (up 0.71% or Rs 1,080)
- Silver futures contract
- September delivery
- Silver intraday high
- Rs 2,35,221 (up 1.62% or Rs 3,755)
- Silver last traded
- Rs 2,34,893 (up 1.48% or Rs 3,427)
- Key driver
- Festive season demand and firm global cues










