Gold Prices Soar on Global Cues, Geopolitical Tensions

Gold futures rose on the Multi Commodity Exchange (MCX) due to firm global cues and renewed geopolitical tensions. On Tuesday, gold futures increased by Rs 682 to Rs 1,43,597 per 10 grams, with the October contract trading 0.48% higher in a business turnover of 725 lots.

The gains were attributed to continued safe-haven demand amid heightened geopolitical risks in West Asia and expectations surrounding upcoming US labour market data. The international market saw Comex gold futures edge higher to USD 4,061.58 per ounce.

Analysts noted that bullion prices remained supported by geopolitical uncertainty, but gains were capped by expectations of a higher-for-longer interest rate stance from the Federal Reserve and a relatively firm US dollar.