Gold Prices Rise Rs 309 as Speculators Take Fresh Positions

Gold prices rose on Friday in futures trade, supported by fresh positions taken by speculators amid firm demand in the spot market. On the Multi Commodity Exchange (MCX), gold contracts for October delivery advanced Rs 309 to Rs 1,52,650 per 10 grams.

The contract recorded a business turnover of 10,209 lots, with analysts attributing the rise in gold futures to fresh positions taken by market participants. Globally, gold futures rose 0.44 per cent to USD 4,387.97 per ounce in New York.

Meanwhile, silver prices declined on the domestic futures market as participants reduced their positions. On the MCX, silver contracts for December delivery fell Rs 735 to Rs 2,33,364 per kilogram.

The contrasting movement in the two precious metals came as gold benefited from fresh buying interest, while silver faced pressure from position unwinding by traders.