Gold prices surged by ₹450, reaching ₹74,396 per 10 grams in futures trade on Monday, driven by robust spot demand and increased speculative activity. Globally, gold futures also showed significant growth, climbing 0.81% to $2,584.06 per ounce in New York.
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Gold Futures Trade Higher on MCX
On the Multi Commodity Exchange (MCX), gold contracts for December delivery recorded a rise of ₹450, marking a 0.61% increase. The trade turnover for these contracts reached 10,471 lots. Analysts attribute this rise to the fresh positions built by market participants responding to strong demand in the physical market.
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Global Market Trends
In the international market, gold futures saw a substantial rise of 0.81%, trading at $2,584.06 per ounce in New York. This increase reflects investor confidence amidst economic uncertainties and geopolitical concerns, which often drive gold prices higher.
Factors Influencing the Price Surge
- Speculative Buying: The primary driver of the price increase in the Indian futures market is the creation of speculative positions, encouraged by robust demand in the spot market.
- Global Economic Trends: The rise in global gold prices highlights its appeal as a safe-haven investment amid volatile economic conditions.
Key Insights for Investors
Gold continues to be a popular asset for hedging against inflation and currency fluctuations. The consistent rise in gold prices, both domestically and internationally, underscores its value as a stable investment option.
Stay updated with the latest trends in the gold market to make informed investment decisions.