Commodities
Gold Prices Soar on Strong Demand and Speculator Buying
Gold prices surged in futures trade on the Multi Commodity Exchange as speculators created fresh positions on strong spot demand. The contract for October delivery traded higher by ₹1,432 to ₹1,60,857 per 10 grams, representing a 0.9% increase in value.
Fresh buying interest and market participants creating new positions drove the price rise, analysts said. This move is part of an ongoing trend where gold prices continue to attract investors seeking safe-haven assets.
On the global stage, gold futures rose 0.98% to $4,561.01 per ounce in New York. The current market dynamics indicate a firm demand for gold, leading to increased prices.