NEW DELHI, (Economy India): Gold prices rose sharply by Rs 1,501 to Rs 1,54,600 per 10 grams in futures trade on Tuesday, supported by firm demand in the spot market and fresh buying by speculators.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery climbed Rs 1,501, or 0.98 per cent, to Rs 1,54,600 per 10 grams. The contract recorded a business turnover of 1,332 lots.
Market analysts said the rise was mainly driven by the creation of fresh positions by participants. Strong sentiment in the spot market also provided support to gold futures.
The latest gain highlights continued buying interest in the precious metal as traders assess market conditions and demand trends. Fresh positions in futures contracts indicate increased participation from market players, helping push prices higher.
Gold remains closely watched by investors as changes in demand, global market sentiment and trading activity can influence prices in both spot and futures markets.
(Economy India)
