Gold Prices Soar on Strong Demand, Rise to Rs 1.53 Lakh

Gold prices surged on Tuesday in futures trade, rising by Rs 704 to Rs 1.53 lakh per 10 grams due to firm spot demand and fresh speculative positions. This increase occurred on the Multi Commodity Exchange for October delivery.

The precious metal's price rise was also influenced by international gold futures, which saw a rise in New York. The yellow metal contract for the October delivery traded higher by Rs 704, or 0.46 per cent, at Rs 1,53,522 per 10 grams in a business turnover of 1,560 lots.

Analysts attributed the price increase to fresh positions created by market participants on firm spot demand. In New York, gold futures rose 0.22 per cent to USD 4,413.84 per ounce.