MCX gold and silver see strong rally on Friday trading

The MCX opened Friday with gold trading at ₹ 1,47,781 per 10 grams, a modest rise of 0.19 percent over the previous close. The metal quickly gathered momentum, adding 0.77 percent to settle at ₹ 1,48,635, its highest level of the day.

Silver outperformed, starting at ₹ 2,11,792 per kilogram and climbing 1.30 percent to a peak of ₹ 2,13,400. The silver rally was stronger than gold’s, reflecting heightened industrial usage and bullish sentiment from overseas markets.

COMEX prices moved in tandem, with gold up about 0.77 percent to $4,202.20 per ounce and silver up 1.39 percent to $57.95 per ounce. Analysts attribute the dual strength to a mix of global cues, a slowdown in import volumes, and anticipation of festive demand in India.

Customs duty hikes have contributed to the import decline, with September seeing gold imports shrink by 81.27 percent and silver by 49.11 percent. Nonetheless, local investors appear to be turning to precious metals as a safe‑haven asset amid uncertain global economic signals.