Indian Gold Prices Surge Over 1.5 Lakh Amid Strong Demand and Global Gains

Gold prices surged in India's domestic futures market on Tuesday, driven by firm spot demand. Gold futures rose over Rs 1,500 to trade at over 1.54 lakh per 10 grams. The MCX Gold contract for October delivery increased by Rs 1,501 or 0.98% to Rs 1,54,600 with a business turnover of 1,332 lots.

Analysts attributed the rise in precious metal prices to fresh position building by participants. Globally, gold futures in New York rose 0.35% to US$4,406.15 per ounce. Ponmudi R, CEO of Enrich Money, noted that MCX Gold opened with a gap-up and extended its upside momentum for a sixth consecutive session.

According to R, immediate resistance is placed at Rs 155,500-156,000 near previous highs, while support is seen at Rs 154,500-154,000. He also mentioned stronger support at Rs 153,000.