Gold Nears ₹1.53 Lakh, Silver Hits ₹2.35 Lakh On MCX

Gold and silver prices rose sharply on Monday due to buying momentum ahead of the festive season and firm global market cues.

On the Multi Commodity Exchange (MCX), gold futures for October delivery jumped as much as 0.76 per cent or Rs 1,162 to hit an intraday high of Rs 1,52,982. The yellow metal was trading at Rs 1,52,900, an increase of 0.71 per cent or Rs 1,080.

Meanwhile, silver futures for September contract outperformed gold, rising up to 1.62 per cent or Rs 3,755 to touch an intraday high of Rs 2,35,221. The white metal was trading at Rs 2,34,893, a jump of 1.48 per cent or Rs 3,427.

Market experts said rising jewellery and investment demand ahead of the festive season, along with strength in international markets, was supporting domestic precious metal prices. They also pointed to fresh long positions in the market, which could keep prices firm despite near-term volatility.

For MCX gold, the experts said that immediate resistance is placed at Rs 152,000–152,600 near previous highs and a decisive move above could push toward Rs 153,000–153,500. Immediate support is seen at Rs 151,500–151,000 followed by stronger support at Rs 150,000–Rs 149,500.

For MCX Silver, they noted that a sustained move above Rs 234,000 could trigger the next leg higher toward Rs 235,000–235,500 near previous highs. Immediate support is seen at the Rs 231,800 zone, followed by stronger support at Rs 231,000–Rs 230,500.

Investors are closely watching upcoming US economic data and international market trends for further direction. The surge in gold and silver prices is expected to continue due to the festive demand and global cues.

The rise in precious metal prices is a significant development for investors and consumers in India, as the country is one of the largest consumers of gold and silver. The prices of these metals have a significant impact on the country's economy and the purchasing power of its citizens.

In conclusion, the surge in gold and silver prices on MCX is a result of the festive demand and global cues. The prices are expected to continue rising due to the strength in international markets and the fresh long positions in the market. Investors and consumers should keep a close eye on the upcoming US economic data and international market trends for further direction.

The impact of the rising gold and silver prices will be significant for the Indian economy and the consumers. The country's import bill is expected to increase due to the rise in gold prices, which could have a negative impact on the country's trade deficit. On the other hand, the rise in silver prices could have a positive impact on the country's industrial sector, as silver is used in various industries such as electronics and solar panels.

Overall, the surge in gold and silver prices on MCX is a significant development for India, and investors and consumers should be aware of the trends and developments in the precious metal market.