Gold futures traded higher on the Multi Commodity Exchange (MCX) on Monday, October 13, rising 1.51% to Rs 1,23,200 per 10 grams, extending last week’s record-setting rally.
Gold and silver have been on an extraordinary upward run in recent months, with year-to-date (YTD) gains of over 50% and 70%, respectively. On October 9, gold prices had touched a new all-time high of Rs 1,23,677 per 10 grams, while international spot gold crossed the USD 4,000 mark for the first time, reaching USD 4,059.34 per ounce.
Silver too mirrored gold’s momentum last week, hitting a record Rs 1,53,388 per kg on Thursday, with spot silver breaching USD 51 per ounce before closing slightly above USD 50.
The surge in precious metals is being attributed to geopolitical tensions, high central bank demand, and investors seeking safe-haven assets amid global economic uncertainty. Analysts expect gold to stay elevated in the near term as market volatility and inflation concerns continue to drive demand.
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