Gold and silver prices recovered on September 8 as buyers returned to the domestic futures market following the recent decline in precious-metal prices. The rebound was driven by value buying at lower levels, although profit booking later trimmed the initial gains.
Gold futures on the Multi Commodity Exchange (MCX) for October 5 delivery climbed more than Rs 1,300 and touched a high of Rs 1,54,125 per 10 grams. The contract had ended the previous session at Rs 1,52,818.
Silver futures also saw a strong recovery during the session. The December 4 delivery contract gained more than Rs 2,700, reaching a high of Rs 2,41,724 per kilogram against its previous close of Rs 2,39,016 on the MCX.
The gains were subsequently pared as traders moved to book profits. At the latest update, MCX Silver was trading at Rs 2,39,246 per kg, up Rs 230, or 0.1 per cent. Gold futures stood at Rs 1,53,261 per 10 grams, registering a rise of Rs 443, or 0.29 per cent.
Retail gold prices also moved higher across different purity levels. According to bullion.co.in, 24-karat gold was priced at Rs 1,53,510 per 10 grams in India on September 8. The price of 22-karat gold stood at Rs 1,40,718 per 10 grams.
The latest rebound comes after a period of weakness in the precious-metals market, with lower prices prompting fresh buying interest among investors.
