MCX gold for April delivery opened nearly 3 per cent higher at Rs1,48,000 per 10 grams, compared with its previous close of Rs1,41,669. Silver prices also witnessed a sharp upswing, with March futures jumping around 4 per cent at the open to Rs2,45,711 per kg, up from Rs2,36,261 in the previous session.
Gold, Silver extend rally on MCX
New Delhi: Precious metals rally sharply as global bullion prices rebound amid US government shutdown concerns and thin economic data
Gold and silver prices surged sharply on the Multi Commodity Exchange (MCX) on Tuesday, tracking a strong rebound in global bullion markets.
MCX gold for April delivery opened nearly 3 per cent higher at Rs1,48,000 per 10 grams, compared with its previous close of Rs1,41,669. Silver prices also witnessed a sharp upswing, with March futures jumping around 4 per cent at the open to Rs2,45,711 per kg, up from Rs2,36,261 in the previous session. During early trade, silver extended gains to nearly 6 per cent.
In the international market, gold prices climbed more than 3 per cent after slipping to a near one-month low in the previous session. The rebound came as investors reacted to the lack of major US economic data this week due to a partial government shutdown, which has increased uncertainty in global markets.
Spot gold rose 3.7 per cent to $4,837.16 an ounce, while US gold futures for April delivery advanced 4.5 per cent to $4,859.30 an ounce. Silver prices also posted strong gains globally, with spot silver surging 5.9 per cent to $84.09 an ounce.
Outlook ahead:
Analysts say precious metals may remain volatile in the near term, with prices likely to react to developments around US fiscal uncertainty, interest-rate expectations, and movements in the dollar.
Any escalation in global economic or geopolitical risks could continue to support gold and silver prices, while profit-booking at higher levels may cap sharp upside moves.
