Fresh positions by speculators support gold prices in futures trade; October contracts gain 0.79%
New Delhi (Economy India): Gold prices rose sharply in futures trade on Monday, with the precious metal gaining ₹1,283 to reach ₹1,63,721 per 10 grams, supported by firm spot demand and fresh positions created by market participants.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery were trading higher by ₹1,283, or 0.79 per cent, at ₹1,63,721 per 10 grams.
The contracts recorded a business turnover of 3,424 lots during the trading session.
Fresh Positions Drive Gold Prices Higher
Market analysts said the rise in gold futures was primarily supported by fresh positions built up by participants.
An increase in fresh positions indicates stronger participation in the futures market and can contribute to upward price movement when accompanied by firm demand.
The latest gains also came amid strong demand in the spot market, providing additional support to gold prices.
Gold Futures at ₹1,63,721 per 10 Grams
The key figures from Monday’s trading are:
- Gold price: ₹1,63,721 per 10 grams
- Increase: ₹1,283 per 10 grams
- Percentage gain: 0.79%
- Contract: October delivery
- Exchange: Multi Commodity Exchange (MCX)
- Business turnover: 3,424 lots
Gold Remains in Focus
Gold continues to attract attention among investors and traders as movements in the international and domestic markets influence prices.
The futures market provides investors with an avenue to participate in gold price movements, while spot demand remains an important factor affecting the underlying market.
The rise in the October gold contract to above ₹1.63 lakh per 10 grams reflects continued strength in the domestic precious metals market.
(Economy India)
