Gold Prices Soar on Strong Demand, Reach Rs 1.63 Lakh per 10 Grams

Gold futures have surged to Rs 1.63 lakh per 10 grams on the Multi Commodity Exchange (MCX) due to strong demand and fresh speculative positions taken by investors.

The price of gold contracts for October delivery rose by Rs 1,283, marking a 0.79% increase from the previous day's closing price.

This upward trend in gold prices is attributed to growing confidence in gold as a valuable asset amidst fluctuating economic conditions, according to market analysts.

In international markets, gold futures also recorded an increase of 0.99%, settling at USD 4,648.78 per ounce in New York.