Gold Jumps ₹948 to ₹1,36,752 per 10g; Silver Soars ₹7,107 to ₹2,42,980 per kg
Safe haven buying intensifies as global uncertainties and rate-cut hopes lift precious metal prices
New Delhi, Jan 2: Gold and silver futures surged on Friday, supported by firm global trends and increased demand for safe-haven assets amid expectations of lower US interest rates and ongoing geopolitical uncertainties.
On the Multi Commodity Exchange (MCX), gold futures for February delivery rose by ₹948, or 0.7 per cent, to ₹1,36,752 per 10 grams, with a trading volume of 15,639 lots. The precious metal had settled at ₹1,35,804 per 10 grams on Thursday, up ₹357 from Wednesday’s close.
MCX remained open only for the day session on Thursday and was closed during evening trade due to the New Year holiday.
Silver futures also witnessed a strong rally. The March contract jumped ₹7,107, or 3.01 per cent, to ₹2,42,980 per kilogram on MCX, with a business turnover of 13,397 lots. Silver had closed at ₹2,35,873 per kg on Thursday.
In the international market, Comex gold futures opened on a firm note on the first trading day of the year. Gold for February delivery gained USD 46.10, or 1.06 per cent, to USD 4,387.20 per ounce, after ending the previous session at USD 4,341.10 per ounce.
“Gold climbed to around USD 4,385 per ounce, extending its bullish momentum after registering its strongest annual performance in more than four decades,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. He added that gold had surged over 60 per cent last year, driven by expectations of lower US interest rates, geopolitical tensions, central bank buying, and strong inflows into gold-backed ETFs.
US markets remained closed on Thursday due to the New Year holiday.
Comex silver futures for March delivery also rose sharply, gaining USD 2.4, or 3.4 per cent, to USD 73 per ounce. The metal had declined sharply by over 9 per cent in the previous session.
“Silver prices were supported by its recognition as a critical US mineral, tight supply conditions, low inventories, and rising industrial and investment demand,” Trivedi said.
Geopolitical developments, including renewed Russia-Ukraine attacks, tighter US restrictions on Venezuelan oil exports, and China’s new export curbs on silver effective January 1, further lifted demand for precious metals, analysts noted.
