Gold Prices Soar on MCX as Speculators Create Fresh Positions

Gold futures rose by Rs 654 to Rs 1.49 lakh per 10 grams in futures trade on the Multi Commodity Exchange (MCX) as speculators created fresh positions on a firm spot demand.

The MCX gold contracts for October delivery traded higher by Rs 654, or 0.44 percent, at Rs 1,49,147 per 10 grams in a business turnover of 1,953 lots.

Fresh positions built up by participants led to a rise in precious metal prices, analysts said.

Globally, gold futures rose 0.18 percent to $4,254.38 per ounce in New York.