Gold Surges Towards ₹1.53 Lakh, Silver Hits ₹2.35 Lakh On MCX As Festive Demand, Global Cues Lift Prices

Mumbai: The prices of gold and silver on the Multi Commodity Exchange (MCX) surged to new highs on Monday, driven by increasing festive season demand and positive cues from the global market. The precious metals climbed by over 1 per cent, registering significant gains. On MCX, gold futures for October delivery jumped by 0.76 per cent, or Rs 1,162, reaching an intraday peak of Rs 1,52,982 at 12:38 pm.

The value of gold is now at Rs 1,52,900, marking a rise of 0.71 per cent or Rs 1,080. It also saw a low of Rs 1,51,461, a decrease of 0.23 per cent or Rs 359. Silver futures for September contracts outperformed gold, surging by 1.62 per cent or Rs 3,755 to reach an intraday high of Rs 2,35,221. At present, the price of silver stands at Rs 2,34,893, up by 1.48 per cent or Rs 3,427.

It reached a low of Rs 2,31,660, a decline of 0.08 per cent or Rs 194. According to industry experts, the rise in jewellery and investment demand prior to the festive season, coupled with strength in international markets, was bolstering domestic precious metal prices. They also highlighted the emergence of new long positions in the market, which might maintain prices despite short-term fluctuations.

For MCX gold, experts pointed out that immediate resistance lies between Rs 152,000–152,600 near previous highs. A break above this level could propel the price towards Rs 153,000–153,500. Conversely, immediate support is expected at Rs 151,500–151,000, with stronger support at Rs 150,000–Rs 149,500. Regarding MCX Silver, analysts suggested that a sustained move past Rs 234,000 could launch the next upward trend towards Rs 235,000–235,500 near previous highs.

Immediate support is anticipated at the Rs 231,800 zone, followed by stronger support at Rs 231,000–Rs 230,500. Furthermore, investors are closely monitoring forthcoming US economic data and global market trends for further guidance.