Gold Price Today: MCX Gold Jumps Rs 1,162, Silver Surges 1.62%

Gold futures advanced during Monday’s session as domestic buying gathered pace amid supportive international market conditions.

The October gold contract on the Multi Commodity Exchange climbed ₹1,162, or 0.76 per cent, to reach a session high of ₹1,52,982 by 12:38 PM.

The contract later traded at ₹1,52,900, marking a gain of ₹1,080, or 0.71 per cent.

Gold had earlier touched ₹1,51,461, representing a decline of ₹359, or 0.23 per cent from the previous close. Silver futures registered a sharper advance than gold as buyers stepped up activity in the domestic market.

The September contract rose ₹3,755, or 1.62 per cent, to reach an intraday peak of ₹2,35,221.

Silver subsequently traded at ₹2,34,893, reflecting an increase of ₹3,427, or 1.48 per cent.

The contract had earlier fallen to ₹2,31,660, down ₹194, or 0.08 per cent.

Analysts linked the latest bullion rally to stronger jewellery purchases and investment activity ahead of the festive season. They also pointed to favourable international prices and an increase in fresh long positions as factors supporting the market.

Experts cautioned that short-term fluctuations could continue despite the positive momentum.

For MCX gold, analysts identified ₹1,52,000-₹1,52,600 as a key resistance area. A firm move above this band could open the way towards ₹1,53,000-₹1,53,500.

On the downside, traders may find initial support between ₹1,51,500 and ₹1,51,000, while the stronger support zone stands at ₹1,50,000-₹1,49,500.

For MCX silver, experts said a sustained move above ₹2,34,000 could drive the contract towards ₹2,35,000-₹2,35,500.

The first support level for silver sits near ₹2,31,800, followed by a stronger support range of ₹2,31,000-₹2,30,500.

Market participants are keeping a close watch on forthcoming US economic data and developments across global financial markets.

Investors will assess these signals for clues about the direction of bullion prices and broader market sentiment in the coming sessions.

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