Gold, Silver Futures Rise on Strong Demand and West Asia Tensions
Precious metals gain as investors build fresh positions amid firm global cues and geopolitical uncertainty.
Gold and silver prices advanced in futures trade on Monday, supported by strong spot demand, fresh buying by investors and ongoing tensions in West Asia.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery rose Rs 570, or 0.39 per cent, to Rs 1,47,773 per 10 grams, with a turnover of 577 lots. Analysts attributed the rise to fresh positions created by market participants amid positive global trends. In the international market, gold futures climbed 0.63 per cent to USD 4,181.92 per ounce in New York.
Silver also extended gains, with July delivery contracts rising Rs 2,135, or 0.92 per cent, to Rs 2,35,320 per kg on the MCX, recording a turnover of 1,184 lots. Analysts said concerns over the West Asia crisis and fresh buying interest supported prices. Overseas, Comex silver futures increased 0.99 per cent to USD 65.54 per ounce.
The gains in both precious metals reflect heightened investor interest in safe-haven assets amid geopolitical uncertainty and firm global demand.
