Gold Futures Rise as Speculators Create Fresh Positions

Gold futures rose in India on strong spot demand, as speculators took advantage of market conditions to create new positions. This led to an increase in gold prices by Rs 1,283 to Rs 1.63 lakh per 10 grams on the Multi Commodity Exchange. The October delivery contracts for gold traded higher by 0.79% in a business turnover of 3,424 lots.

Fresh positions built up by participants led to the rise in precious metal prices, according to analysts. Globally, gold futures also increased, rising by 0.99% to $4,648.78 per ounce in New York.