MCX Gold Futures Peak at ₹77,667 per 10 grams, Spot Gold Touches ₹79,900
NEW DELHI (Economy India): Gold continues its relentless rise, achieving fresh all-time highs in both spot and futures markets. The surge comes amid robust festive season demand and heightened interest from investors. Silver prices also jumped, reflecting the bullish trend in precious metals.
On Friday, gold in the national capital’s bullion market soared by ₹550 to reach ₹79,900 per 10 grams, setting a new record. Similarly, silver climbed by ₹1,000 to hit ₹94,500 per kilogram.
Gold Futures Touch ₹77,667 on MCX
In the Multi Commodity Exchange (MCX), December delivery gold futures were trading at ₹77,620 per 10 grams. During the session, the futures price reached a historic peak of ₹77,667, marking an all-time high.
The rally reflects strong market momentum driven by seasonal buying and global cues. Traders expect this upward trajectory to continue through the Diwali season, further supported by high demand for gold jewelry and investment purposes.
Spot Gold Hits ₹79,900 in Delhi Markets
Spot gold maintained its bullish streak, with the price of 99.9% purity gold jumping ₹550 to ₹79,900 per 10 grams. This follows Thursday’s close at ₹79,350 per 10 grams. Meanwhile, gold of 99.5% purity rose to ₹79,500 per 10 grams, gaining ₹550 from its previous level of ₹78,950 per 10 grams.
The continuous rise reflects the demand surge in the domestic market amid upcoming festivals like Dhanteras and Diwali, when consumers traditionally buy gold.
Silver Surges to ₹94,500 per kg
Along with gold, silver also registered significant gains. The price of silver surged by ₹1,000, reaching ₹94,500 per kilogram. On Thursday, silver had closed at ₹93,500 per kilogram, indicating a sharp rally.
Analysts point to the industrial demand for silver and its role as an investment hedge during uncertain times as key drivers behind the price increase.
Reasons Behind the Bullish Trend
The sharp rise in both gold and silver is attributed to several factors:
- Festive season demand: The onset of Dhanteras and Diwali has spurred purchases.
- Global economic uncertainties: Investors are increasingly shifting toward safe-haven assets.
- Rupee depreciation: A weaker rupee has made gold more expensive for domestic buyers.
- Inflation concerns: Investors are hedging against rising inflation through precious metals.
A spokesperson from the India Bullion and Jewellers Association (IBJA) remarked, “The festive season is providing a strong boost to demand, which has been reflected in soaring gold prices.”
Outlook for Gold and Silver Prices
With festivals around the corner, analysts expect the bullish momentum in both metals to continue. “Prices may remain elevated in the coming weeks as retail demand rises sharply,” said a commodity market expert.
However, market watchers are also monitoring global economic trends and currency movements, which could influence gold and silver prices going forward.
The rally in gold and silver reflects strong seasonal demand and investor interest amid economic uncertainties. As the Diwali season kicks in, consumers are expected to continue buying, keeping prices elevated in the short term. Market participants will closely watch global developments and rupee-dollar trends to gauge further price movements.
(Economy India)
