Precious metals gain on firm global cues and fresh buying by market participants.
Gold and silver prices surged in futures trade on Monday, supported by firm global trends and fresh buying by market participants.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery climbed Rs 984, or 0.69 per cent, to Rs 1,44,090 per 10 grams, with a business turnover of 591 lots. Analysts attributed the rise to fresh positions created by traders amid firm spot demand. In the international market, gold futures advanced 0.86 per cent to USD 4,087.69 per ounce in New York.
Silver prices also gained, with September delivery contracts rising Rs 117, or 0.95 per cent, to Rs 2,24,255 per kg on the MCX. The contract recorded a business turnover of 890 lots. Analysts said fresh buying by participants and supportive global cues lifted silver prices. Overseas, Comex silver futures climbed 1.85 per cent to USD 59.25 per ounce.
The gains in both precious metals reflected improved investor sentiment and strong global market trends, with traders building fresh positions in anticipation of sustained demand.
