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Commodities

Gold Prices Soar on Speculative Bids and Firm Demand

Guavy AI Editorial Team
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Gold
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Gold prices surged on Monday, August 3rd, as they rose by Rs 364 to reach Rs 1,43,740 per 10 grams in futures trade. The increase was driven by fresh positions created by speculators amid firm spot demand.

The Multi Commodity Exchange (MCX) saw gold contracts for October delivery trading higher by Rs 364, or 0.25%, at Rs 1,43,740 per 10 grams, with a business turnover of 1,691 lots.

Analysts pointed to fresh positions built up by market participants as the reason behind the rise in precious metal prices. Globally, gold futures rose 0.33% to USD 4,059.48 per ounce in New York.

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