Now Reading: Gold futures hit Rs 1.50 lakh per 10 gm on spot demand
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Gold futures hit Rs 1.50 lakh per 10 gm on spot demand
Gold futures rose Rs 1,272 to Rs 1.50 lakh per 10 grams on August 7 as speculators built fresh positions on firm spot demand. On the Multi Commodity Exchange, October delivery contracts…
The Story in Brief
Gold futures rose Rs 1,272 to Rs 1.50 lakh per 10 grams on August 7 as speculators built fresh positions on firm spot demand. On the Multi Commodity Exchange, October delivery contracts traded at Rs 1,50,130, up 0.85 per cent, with a turnover of 1,283 lots. Globally, gold futures gained 1.13 per cent to $4,287.50 per ounce in New York. Analysts said fresh positions by participants drove the rise.
The Indian Opinion
The usual narrative that gold prices move only on global cues ignores the role of domestic spot demand and speculative positions. While the rise benefits investors holding gold, it squeezes buyers who need it for weddings or savings. The test will be whether this demand holds through the upcoming festival season or if the rally fades on higher supply from recycled gold.
Source: thehindubusinessline.com
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Updated: this story now draws on 1 sources.
