Gold, silver prices surge over 1% on MCX amid festive demand, firm global cues
Synopsis
Gold and silver posted their sharpest single-session gains in recent weeks on MCX on 10 August, with silver outperforming at over 1.6% as pre-festive buying and fresh long positions collided with supportive global cues. With US data releases still pending, the rally may have more room to run — or a sharp reversal trigger waiting in the wings.
Key Takeaways
MCX Gold (October futures) hit an intraday high of ₹1,52,982 , up 0.76% on 10 August .
MCX Silver (September futures) surged to an intraday high of ₹2,35,221 , gaining up to 1.62% .
Pre-festive jewellery and investment demand, along with fresh long positions, are supporting prices.
Gold resistance is seen at ₹1,52,000–₹1,52,600 ; support at ₹1,51,500–₹1,51,000 .
Silver resistance at ₹2,34,000 ; support at ₹2,31,800 and ₹2,31,000–₹2,30,500 .
Investors are watching upcoming US economic data for the next directional trigger.
Gold and silver prices climbed sharply on Monday, 10 August on the Multi Commodity Exchange (MCX), driven by pre-festive buying momentum and supportive international market signals, with both precious metals posting gains of more than 1% during intraday trade.
MCX Gold Performance
Gold futures for the October delivery contract surged as much as 0.76%, or ₹1,162, to touch an intraday high of ₹1,52,982 as of 12:38 pm IST. At last count, the yellow metal was trading at ₹1,52,900, up 0.71% or ₹1,080 from its previous close. The session low stood at ₹1,51,461, reflecting a brief dip of 0.23% before buyers stepped in.
Silver Outperforms Gold
Silver futures for the September contract outpaced gold, rising as much as 1.62%, or ₹3,755, to hit an intraday high of ₹2,35,221. The white metal was last seen at ₹2,34,893, a gain of 1.48% or ₹3,427. Its session low was ₹2,31,660, a marginal decline of 0.08%.
What Is Driving the Rally
Market experts attributed the rally to a combination of rising jewellery and investment demand ahead of the festive season, fresh long positions being built in the market, and strength in international precious metal prices. They noted that the fresh long positioning could keep prices firm even through near-term volatility.
Key Technical Levels to Watch
For MCX Gold, analysts placed immediate resistance at ₹1,52,000–₹1,52,600 near previous highs, with a decisive break above potentially pushing prices toward ₹1,53,000–₹1,53,500. Immediate support is seen at ₹1,51,500–₹1,51,000, with stronger support at ₹1,50,000–₹1,49,500.
For MCX Silver, experts noted that a sustained move above ₹2,34,000 could trigger the next leg higher toward ₹2,35,000–₹2,35,500. Immediate support is pegged at the ₹2,31,800 zone, followed by stronger support at ₹2,31,000–₹2,30,500.
Global Cues and What Comes Next
Investors are closely tracking upcoming US economic data releases and broader international market trends for further directional cues. This comes amid a period of global uncertainty that has historically boosted safe-haven demand for precious metals. With the festive season approaching, domestic demand is expected to remain a steady tailwind for both gold and silver prices in the near term.
Point of View
But the magnitude warrants attention. Silver outperforming gold by nearly a full percentage point suggests speculative positioning is amplifying the move beyond pure safe-haven demand. The real test will come when US economic data lands — if it disappoints, the fresh long positions now propping up prices could unwind quickly. Domestic buyers banking on festive demand as a floor may be underestimating how swiftly global macro sentiment can override seasonal trends.
NationPress
10 Aug 2026
Frequently Asked Questions
Why did gold and silver prices rise on MCX on 10 August?
Gold and silver prices rose on MCX on 10 August due to a combination of pre-festive buying demand, fresh long positions in the market, and strength in international precious metal prices. Market experts noted that both jewellery and investment demand were picking up ahead of the festive season.
What were the intraday highs for gold and silver on MCX?
MCX gold (October futures) hit an intraday high of ₹1,52,982, up 0.76%, while MCX silver (September futures) touched ₹2,35,221, gaining up to 1.62%. Silver outperformed gold during the session.
What are the key resistance and support levels for MCX gold?
For MCX gold, immediate resistance is placed at ₹1,52,000–₹1,52,600, with a breakout potentially taking prices to ₹1,53,000–₹1,53,500. Support is seen at ₹1,51,500–₹1,51,000, with stronger support at ₹1,50,000–₹1,49,500.
What are the key levels to watch for MCX silver?
A sustained move above ₹2,34,000 could push MCX silver toward ₹2,35,000–₹2,35,500. Immediate support is at ₹2,31,800, followed by stronger support at ₹2,31,000–₹2,30,500, according to market analysts.
What global factors could influence gold and silver prices next?
Investors are closely watching upcoming US economic data releases and international market trends for the next directional cue. Any significant shift in US macro data could either extend the rally or trigger a reversal in precious metal prices.
