Gold Prices Soar in Futures Trade Amid Firm Spot Demand

Gold prices surged in futures trade on Tuesday, driven by fresh positions created by speculators amid firm spot demand. The yellow metal contracts for October delivery traded higher by Rs 1,501, or 0.98 per cent, at Rs 1,54,600 per 10 grams in a business turnover of 1,332 lots on the Multi Commodity Exchange.

The rise in gold prices was partly due to an increase in globally, where gold futures rose 0.35 per cent to USD 4,406.15 per ounce in New York. Meanwhile, silver prices also jumped, increasing by Rs 833, or 0.35 per cent, to Rs 2,37,700 per kilogram for September delivery in a business turnover of 1,688 lots on the Multi Commodity Exchange.

Analysts attribute the rise in precious metal prices to fresh positions built up by participants. Despite a firm global trend, silver futures decreased 0.45 per cent to USD 61.44 per ounce overseas.