Gold Futures Rise to Record High on Firm Spot Demand

New Delhi witnessed a surge in gold futures prices on August 24 as speculators took advantage of firm spot demand. The Multi Commodity Exchange saw a rise in yellow metal contracts for October delivery, trading at Rs 1,63,721 per 10 grams, up by Rs 1,283 or 0.79%.

The increase was largely driven by fresh positions built up by participants in the market. Analysts attributed this to the robust demand for gold on the spot market.

Globally, gold futures also rose, increasing by 0.99% to USD 4,648.78 per ounce in New York.