Gold, silver surge over 1 pc amid firm global cues

Mumbai, Aug 10 (IANS/WISHAVWARTA) Gold and silver prices rose sharply on Monday due to buying momentum ahead of the festive season and firm global market cues, with precious metals recording substantial gains of up to more than 1 per cent.

On the Multi Commodity Exchange (MCX), gold futures for October delivery jumped as much as 0.76 per cent or Rs 1,162 to hit an intraday high of Rs 1,52,982 as of 12:38 pm.

At the last count, the yellow metal was trading at Rs 1,52,900, an increase of 0.71 per cent or Rs 1,080. It touched an intraday low of Rs 1,51,461, down 0.23 per cent or Rs 359.

Meanwhile, silver futures for September contract outperformed gold rising up to 1.62 per cent or Rs 3,755 to touch an intraday high of Rs 2,35,221 so far.

The white metal was trading at Rs 2,34,893, a jump of 1.48 per cent or Rs 3,427. It touched an intraday low of Rs 2,31,660, a decrease of 0.08 per cent or Rs 194.

Market experts said rising jewellery and investment demand ahead of the festive season, along with strength in international markets, was supporting domestic precious metal prices.

They also pointed to fresh long positions in the market, which could keep prices firm despite near-term volatility.

For MCX gold, the experts said that immediate resistance is placed at Rs 152,000–152,600 near previous highs and a decisive move above could push toward Rs 153,000–153,500, adding that immediate support is seen at Rs 151,500–151,000 followed by stronger support at Rs 150,000–Rs 149,500.

For MCX Silver, they noted that a sustained move above Rs 234,000 could trigger the next leg higher toward Rs 235,000–235,500 near previous highs.

Immediate support is seen at the Rs 231,800 zone, followed by stronger support at Rs 231,000–Rs 230,500, according to the experts.

Moreover, investors are closely watching upcoming US economic data and international market trends for further direction.

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