Gold Futures Soar on MCX Amid Strong Demand and Speculative Positions

Gold futures surged on the Multi Commodity Exchange (MCX) due to strong spot demand and fresh speculative positions. The October delivery contract for gold traded at Rs 1,60,857 per 10 grams in a business turnover of 2,542 lots.

The price hike was also driven by international prices, which rose 0.98% to USD 4,561.01 per ounce in New York. Analysts said that fresh positions created by market participants led to the rise in gold futures.

Gold futures have been affected by various factors in recent times, including economic uncertainty and geopolitical tensions. However, the current surge can be attributed to a combination of strong demand and speculative buying.