Gold Futures Rise on Speculator Demand and Global Price Increase

Gold futures prices rose on Monday in futures trade due to increased spot demand and fresh positions created by speculators. The Multi Commodity Exchange saw a business turnover of 3,424 lots for October delivery contracts. Gold futures traded higher by Rs 1,283, or 0.79 per cent, at Rs 1,63,721 per 10 grams.

The global gold price also increased, rising 0.99 per cent to USD 4,648.78 per ounce in New York. This rise contributed to the higher prices seen in futures trade. Analysts pointed out that fresh positions built up by participants led to a rise in precious metal prices.