Gold opened on the Multi Commodity Exchange (MCX) at Rs 57,689 per 10 grams, hitting a low of Rs 57,681. In the international market, prices hovered around $1,861.05 per troy ounce. Meanwhile, silver started at Rs 69,045 per kg, hitting an intraday low of Rs 68,745 on MCX, and was around $21.73 per troy ounce globally.
Praveen Singh, Associate VP at Sharekhan, noted gold's nearly 1.50% jump to $1,861, driven by safe-haven demand due to the Hamas-Israel conflict and dovish US Federal Reserve comments. While early October saw a negative turn for bullion, geopolitical tensions and oversold conditions led to a gold rebound from Rs 56,000. Experts suggest potential short-term targets of Rs 58,000 and Rs 58,500 for gold, and Rs 70,000 and Rs 72,000 for silver.