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Commodities

Gold Prices Soar in India as Speculators Drive Up Demand

Guavy AI Editorial Team
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Gold
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Gold futures in India rose sharply on Friday, reaching Rs 1,54,290 per 10 grams due to strong spot demand and fresh speculative positions. The price increase was seen across various trading platforms, with the Multi Commodity Exchange witnessing a significant rise in gold contracts for October delivery.

The precious metal's prices surged by Rs 1,309, or 0.86 per cent, at Rs 1,54,290 per 10 grams in a business turnover of 2,156 lots on the Multi Commodity Exchange. Analysts attributed the price hike to market participants creating fresh positions on firm spot demand.

International gold futures also rose, with prices increasing by 1.16 per cent to USD 4,392.24 per ounce in New York. The strong performance of international markets contributed to the upward trend in gold prices in India.

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