Gold futures gain on strong spot demand, rise to Rs 1.53 lakh/10 gm
NEW DELHI: Gold prices rose Rs 231 to Rs 1,53,994 per 10 grams in futures trade on Thursday, supported by firm spot demand and fresh positions created by speculators, analysts said.
On the Multi Commodity Exchange (MCX), the gold contract for October delivery increased Rs 231, or 0.15 per cent, to Rs 1,53,994 per 10 grams. The contract recorded a business turnover of 867 lots.
Market participants increased their positions in the precious metal, contributing to the rise in gold futures prices during the trading session.
Analysts attributed the upward movement primarily to fresh speculative positions amid firm demand in the spot market.
The rise in futures prices comes as gold continues to attract investor and market interest, with developments in the physical market influencing trading sentiment.
The October gold contract’s gain reflects a modest upward movement, with prices remaining close to the Rs 1.54 lakh per 10-gram level on the domestic futures market.
Gold futures are influenced by several factors, including spot demand, investor positioning, international bullion trends and broader market sentiment. Changes in these factors can lead to fluctuations in prices on the domestic commodity exchange.
On Thursday, the creation of fresh positions by market participants provided support to the yellow metal, helping gold futures move higher despite the relatively limited gain.
The turnover of 867 lots indicated active participation in the October contract, while the 0.15 per cent rise kept the overall movement moderate.
The domestic bullion market has remained closely watched by traders and investors amid elevated gold prices. Market participants are expected to track further changes in spot demand and positioning for cues on the direction of gold futures.
The latest rise takes the October gold contract to Rs 1,53,994 per 10 grams, underscoring the continued strength of the precious metal in domestic futures trading.
For now, analysts said fresh positions and firm spot demand remained the key factors behind Thursday’s increase in gold futures prices.
