MCX gold October futures surged to ₹1,55,124 per 10 grams in early trade on Tuesday, August 11, while MCX silver September futures climbed to ₹2,39,400 per kg, reflecting a rise of over 1% each. The increase in precious metal prices coincided with a weakening US dollar, which made bullion cheaper for buyers using other currencies, according to livemint.com.
The price movement occurred around 9:10 AM IST, with gold futures up 1.32% and silver futures up 1.07%. The dollar index eased during this period, contributing to the positive sentiment in global markets. This decline in the greenback supported higher demand for gold and silver on the MCX, India's leading commodity exchange, as reported by livemint.com.
The rise in gold and silver prices comes amid ongoing concerns about inflation in the Middle East and the US, which typically boosts demand for safe-haven assets like precious metals. The current levels mark a notable increase compared to previous trading sessions, underscoring the sensitivity of bullion prices to currency fluctuations and inflationary pressures, per livemint.com.
The MCX gold futures price of ₹1,55,124 per 10 grams and silver futures price of ₹2,39,400 per kg recorded on August 11 represent key benchmarks for traders and investors monitoring commodity market trends in India, according to livemint.com.