Surge in Gold and Silver Prices, Rising by Nearly 1.1 Percent

Mumbai, August 7: Gold and silver prices experienced a significant surge on Friday, with both precious metals rising by approximately 1.1 percent.

On the Multi Commodity Exchange (MCX), the gold contract for October 5, 2026, opened at ₹1,49,355 per 10 grams, compared to the previous closing of ₹1,48,858 per 10 grams.

By 10 AM, gold had increased by ₹793, or 0.53 percent, reaching ₹1,49,651 per 10 grams. During the trading session, gold hit a low of ₹1,49,164 and a high of ₹1,49,648 per 10 grams.

Similarly, the silver contract for September 4, 2026, opened at ₹2,27,993 per kilogram, up from the last closing of ₹2,25,836 per kilogram. Currently, silver is trading at ₹2,28,385 per kilogram, reflecting a gain of ₹2,549 or 1.13 percent. The trading range for silver included a low of ₹2,27,481 and a high of ₹2,28,401 per kilogram.

International markets also reported an uptick in gold and silver prices. Gold rose by 0.56 percent to $4,323 per ounce, while silver climbed 1.43 percent to $62.49 per ounce.

Experts attribute the recent rise to a weakening U.S. dollar and growing optimism surrounding a potential U.S.-Iran nuclear deal, which has maintained a positive market sentiment despite geopolitical uncertainties.

They further noted that market volatility is expected to continue as investors await clearer information regarding negotiations. The U.S. President has indicated that significant outcomes may emerge within the next 48 hours. Investors will also be monitoring the upcoming U.S. Non-Farm Payrolls (NFP) and unemployment figures, as these will play a crucial role in shaping expectations regarding the Federal Reserve’s interest rate outlook. Technically, it is anticipated that MCX gold trading will range between ₹1,47,000 and ₹1,52,000 per 10 grams in the near future.