Gold Futures Soar on Global Cues Amid Geopolitical Tensions

Gold futures rose by Rs 682 to Rs 1.43 lakh per 10 grams in futures trade on Tuesday, supported by firm global cues.

The increase was driven by investors' preference for gold amid renewed geopolitical tensions in West Asia and ahead of key US labour market data that could provide clues on the Federal Reserve's next interest rate decision.

Gaurav Garg, Head of Research at Lemonn Markets Desk, said 'Gold edged higher as investors continued to favour the precious metal amid renewed geopolitical tensions in West Asia and ahead of key US labour market data that could provide clues on the Federal Reserve's next interest rate decision.'

Comex gold futures went up marginally to trade at USD 4,061.58 per ounce in New York, as investors balanced expectations of a higher-for-longer US interest rate environment while awaiting key labour market data for further policy cues.