Gold gains ₹544, silver climbs ₹993 as safe-haven buying picks up - Business Standard

AI desk brief

Gold and silver extended higher on MCX and Comex, with the October MCX gold contract up ₹544 at the open and last seen around ₹1,53,457/10g after touching ₹1,53,640. December MCX silver opened up ₹993 and was trading near ₹2,40,680/kg, while Comex gold was around $4,479.80/oz and Comex silver near $67.63/oz. The move was driven by short covering at technical levels and safe-haven demand amid West Asia tensions, with central bank buying still cited as a price floor.

The article points to broad-based firmness across both metals rather than an isolated India-only move. It notes intraday ranges on MCX and highlights that gold and silver are holding near the upper end of recent trade, with the global market providing support for domestic futures. No fresh macro trigger or policy data was cited, but the combination of geopolitical risk and official-sector demand keeps the tone constructive.

Near term, the key catalyst remains whether safe-haven flows broaden beyond short covering and whether geopolitical headlines sustain the bid. If Comex gold can hold above the $4,470-$4,480 area, follow-through buying could keep pressure on shorts; silver is also benefiting from the risk-off backdrop, though it remains more volatile and prone to profit-taking. Central bank demand remains the structural bullish underpinning, while any easing in West Asia tensions would likely remove an important support layer.