Commodities
MCX Gold Futures Soar 0.53% to Rs 1.51 Lakh on Strong Demand
Gold futures on the Multi Commodity Exchange (MCX) rose to Rs 1.51 lakh per 10 grams on Wednesday, driven by strong spot demand and fresh speculative positions. The price increase was significant, with a rise of Rs 803 or 0.53% in just one day.
The October delivery contract for gold traded higher at Rs 1,51,612 per 10 grams in a business turnover of 775 lots. Analysts attributed the surge to fresh positions created by market participants on firm spot demand.
International gold prices also saw a rise, with a 0.70% increase to USD 4,322.14 per ounce in New York. The rising global price may have contributed to the strong spot demand and speculative positions in India.