Commodities
Gold Prices Soar as Speculators Drive Demand
Gold prices surged in futures trade due to firm demand and fresh positions created by speculators. The price of gold rose by Rs 1,432 to Rs 1.60 lakh per 10 grams. Analysts attributed this rise to market participants creating new positions on the spot demand.
The October delivery contract for gold traded higher by 0.9 percent with a business turnover of 2,542 lots. This indicates increased activity in the market, contributing to the price increase.
In related news, gold futures rose 0.98 percent to $4,561.01 per ounce in New York. This suggests that global demand for gold remains strong, supporting the upward trend in prices.