Gold and Silver Prices Soar Amid Fresh Speculator Positions
Gold and silver prices surged in futures trade on Wednesday, driven by fresh positions created by speculators amid firm spot demand. On the Multi Commodity Exchange (MCX), gold for October delivery rose to Rs 1,51,612 per 10 grams, a gain of Rs 803 or 0.53% from the previous day.
The contract recorded a business turnover of 775 lots. Market analysts attributed the rise in gold prices to fresh positions taken by participants, indicating increased trading activity in the precious metal futures market.
Gold and silver futures are influenced by movements in international prices, spot demand, and trading positions. The gains in both precious metals came amid firm global trends, with investors and market participants adding fresh positions in futures contracts.