Gold and silver futures on India’s Multi Commodity Exchange (MCX) posted sharp gains in Wednesday morning trade, extending a multi-day recovery for precious metals.
The August gold contract climbed above ₹1,44,500 per 10 grams, while September silver contracts surpassed the ₹2,26,350 per kilogram mark, with both metals rising more than 1% from previous levels.
The rally in bullion prices is being driven by a positive global trend, as investors seek safe-haven assets amid escalating geopolitical risks.
Crude oil prices also jumped in the session, fueled by concerns over the US-Iran conflict, which has heightened uncertainty in energy markets and reinforced the appeal of precious metals as a hedge against volatility.
This move marks a continuation of the recovery for gold and silver on the MCX, which had previously advanced on Monday and Tuesday.
Earlier in the week, prices were supported by renewed value buying and a slight softening in the US dollar, which made dollar-denominated commodities more attractive to Indian buyers.