Gold rises ₹1,600 on MCX, silver jumps ₹3,132 on safe-haven demand

Safe-haven demand for gold is gaining strength. Institutional investors in China have increased their exposure to gold to hedge against market volatility. China’s central bank has also stepped up gold purchases. This has supported prices of both gold and silver.

 

Gold and silver futures were trading higher on Tuesday. In the global market, gold was trading near $4,450 per ounce on Comex, while silver was around $66 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,55,100 per 10 gram at the time of writing, while silver futures were around ₹2,39,150 per kg. 

Gold prices rise

Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,54,699 per 10 gram, up ₹1,600 from the previous close of ₹1,53,099.

 

 

At the time of writing, the contract was trading at ₹1,55,100, up ₹2,001. During the session, it touched a high of ₹1,55,437 and a low of ₹1,54,699. Gold futures had touched their highest level of the year at ₹1,80,779. 

Silver also gains

Silver futures also opened on a strong note. The benchmark September silver contract on MCX opened at ₹2,39,999 per kg, up ₹3,132 from the previous close of ₹2,36,867.

 

At the time of writing, the contract was trading at ₹2,39,154, up ₹2,287. During the session, it touched a high of ₹2,41,999 and a low of ₹2,37,881. Silver futures had touched their highest level of the year at ₹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 $4,446.90 per ounce. The previous closing price was $4,419.70 per ounce. At the time of writing, gold was trading at $4,474.10 per ounce, up $54.40. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $65.94 per ounce. The previous closing price was $65.27. At the time of writing, silver was trading at $65.96 per ounce, up $0.69. 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.