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Gold and silver prices opened sharply higher on Monday, buoyed by positive global cues and expectations of another US rate cut next month. On the Multi Commodity Exchange (MCX), gold prices rose by ₹1,400 per 10 grams, while silver gained ₹3,000 per kilogram in early trade.
Gold for December 5 delivery was trading at ₹1,22,494 per 10 grams at 10 am, up by ₹1,427 from the previous close of ₹1,21,067. The session opened at ₹1,21,768 and touched a high of ₹1,22,498 before stabilizing. Analysts attributed the rally to global market optimism and investor demand for safe-haven assets ahead of potential monetary easing in the US.
Similarly, silver for December 5 delivery surged to ₹1,50,660 per kg, marking an increase of ₹2,942 from its last close at ₹1,47,728. The white metal opened at ₹1,49,540 and reached an intraday high of ₹1,50,799 on the MCX.
Experts said that both precious metals could see continued upward momentum if global rate cut expectations strengthen and geopolitical uncertainties persist.
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