Gold Prices Surge to Rs 1,43,740 as Spot Demand and Global Prices Rise

Gold prices surged on Monday to Rs 1,43,740 per 10 grams in futures trade due to strong spot demand. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs 364 or 0.25% at Rs 1,43,740 per 10 grams with a business turnover of 1,691 lots.

Analysts stated that fresh positions built up by participants led to the rise in precious metal prices. Globally, gold futures also rose 0.33% to USD 4,059.48 per ounce in New York, mirroring the domestic gains.

The increase in spot demand pushed up gold prices in futures trade, with speculators creating fresh positions on Monday. The rising global price of gold was another factor contributing to the surge in Indian gold prices.