MCX Gold Futures Soar on Strong Demand

Gold futures on the Multi Commodity Exchange (MCX) surged to Rs 1.53 lakh per 10 grams on Tuesday due to strong spot demand and fresh speculative positions. The price rise was driven by firm spot demand, analysts said. International gold prices also rose in New York, with gold futures rising 0.22% to USD 4,413.84 per ounce. On the MCX, the October delivery contract for gold traded higher by Rs 704 or 0.46%, at Rs 1,53,522 per 10 grams in a business turnover of 1,560 lots. The price increase was attributed to speculators creating fresh positions on firm spot demand, according to analysts.