Gold rises ₹497 on MCX, silver jumps ₹2,157 amid geopolitical tensions

Gold and silver futures rose on Friday as institutional investors in China increased exposure to gold-backed assets amid geopolitical tensions in West Asia. Continued buying by central banks also supported long-term demand for the precious metals.

 

In the global market, gold was trading near $4,320 per ounce on Comex, while silver was around $62.50 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,49,450 per 10 gram at the time of writing, while silver futures were around ₹2,28,000 per kg.

Gold prices rise

Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,49,355 per 10 gram, up ₹497 from the previous close of ₹1,48,858.

 

 

At the time of writing, the contract was trading at ₹1,49,457, up ₹599. During the session, it touched a high of ₹1,49,554 and a low of ₹1,49,164. 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 ₹2,27,993 per kg, up ₹2,157 from the previous close of ₹2,25,836.

 

At the time of writing, the contract was trading at ₹2,28,000, up ₹2,164. During the session, it touched a high of ₹2,28,095 and a low of ₹2,27,481. 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 $4,298.30 per ounce. The previous closing price was $4,299.60 per ounce. At the time of writing, gold was trading at $4,318.20 per ounce, up $19.30. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $61.85 per ounce. The previous closing price was $61.60. At the time of writing, silver was trading at $62.47 per ounce, up $0.86. 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.