Gold gains ₹544, silver climbs ₹993 as safe-haven buying picks up

Gold and silver futures were trading higher on Tuesday, supported by short covering in gold at technical levels. Safe-haven demand for gold also gained support amid tensions in the West Asia, while continued buying by central banks provided a floor to prices.

 

In the global market, gold was trading near $4,480 per ounce on Comex, while silver was around $67.60 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near Rs 1,53,450 per 10 gram at the time of writing, while silver futures were around Rs 2,40,700 per kg.

Gold rises

Gold futures opened higher on MCX. The benchmark October gold contract opened at Rs 1,53,362 per 10 gram, up Rs 544 from the previous close of Rs 1,52,818.

 

At the time of writing, the contract was trading at Rs 1,53,457, up Rs 639. During the session, it touched a high of Rs 1,53,640 and a low of Rs 1,53,361. Gold futures had touched their highest level of the year at Rs 1,80,779.

Silver also gains

Silver futures also opened higher. The benchmark December silver contract on MCX opened at Rs 2,40,009 per kg, up Rs 993 from the previous close of Rs 2,39,016.

 

At the time of writing, the contract was trading at Rs 2,40,680, up Rs 1,664. During the session, it touched a high of Rs 2,41,180 and a low of Rs 2,40,009. Silver futures had touched their highest level of the year at Rs 4,20,048 per kg.

Gold, silver firm in international market

In the international market, gold and silver futures were trading higher.

 

On Comex, gold opened at $4,466.50 per ounce. The previous closing price was $4,476.60 per ounce. At the time of writing, gold was trading at $4,479.80 per ounce, up $3.20. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $66.73 per ounce. The previous closing price was $66.74. At the time of writing, silver was trading at $67.63 per ounce, up $0.88. Silver prices had touched their highest level of the year at $121.79 per ounce.

MCX, Comex prices

 Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.