Commodities
Gold Prices Soar on Strong Demand and Speculative Positions
Gold prices rose in India due to strong demand and fresh speculative positions. In futures trade, gold prices climbed Rs 924 to Rs 1.54 lakh per 10 grams. The gains were driven by a 0.6% increase in the price of October delivery contracts, which traded on a business turnover of 848 lots.
The rise in gold prices was attributed to fresh positions built up by participants, according to analysts. This led to an increase in precious metal prices. Globally, gold futures also increased, rising 0.74% to $4,402.40 per ounce in New York.