Gold and silver continued their upward momentum this week in India, supported by the dovish stance of central banks and festive buying demand. On MCX, gold futures jumped 0.82% to settle near a three-month high of ₹48,000 per 10 gram on Friday while silver rose 0.33% to ₹64330 per kg. Gold has surged about ₹1,000 per 10 grams over the past two sessions.
In global markets, gold rose more than 1% on Friday to a near two-month high as major central banks’ dovish tone on interest rates this week supported the demand for the safe-haven metal. Spot gold was up 1.2% at $1,813 while silver rose 1.2% to $24.05 per ounce. This week, the central bank announcements helped gold reverse from early losses.