Now Reading: Gold futures jump Rs 1,272 to Rs 1.50 lakh per 10 gm
-
01
Gold futures jump Rs 1,272 to Rs 1.50 lakh per 10 gm
Gold prices surged in futures trade on Friday, with October contracts on the Multi Commodity Exchange rising Rs 1,272, or 0.85 per cent, to Rs 1,50,130 per 10 grams. Analysts attributed the…
The Story in Brief
Gold prices surged in futures trade on Friday, with October contracts on the Multi Commodity Exchange rising Rs 1,272, or 0.85 per cent, to Rs 1,50,130 per 10 grams. Analysts attributed the gain to fresh positions built by participants on firm spot demand. Business turnover stood at 1,283 lots.
Globally, the rally mirrored a 1.13 per cent rise in New York, where gold futures touched $4,287.50 per ounce. The domestic price move follows sustained buying interest amid uncertainty in other asset classes.
The Indian Opinion
Talk of a one-way gold rally ignores how much depends on the dollar and central bank moves. The same 'firm spot demand' narrative often flips when the rupee strengthens or the Fed signals rate cuts. Rather than join the speculative chorus, watch how the October contract behaves near expiry and whether physical offtake during the festive season matches these futures levels. Are jewellers actually stocking up, or is this just paper buying?
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
