Gold futures gained ₹510 to ₹1,39,962 per 10 grams on Wednesday as traders created fresh positions amid firm demand in the spot market. International gold futures also moved higher in New York.
New Delhi, November 4 — Gold futures rose ₹510 to ₹1,39,962 per 10 grams on Wednesday, supported by fresh positions created by speculators amid firm demand in the spot market.
On the Multi Commodity Exchange (MCX), the gold contract for December delivery gained ₹510, or 0.37%, to trade at ₹1,39,962 per 10 grams.
The December gold contract recorded a business turnover of 876 lots during the session.
Market analysts attributed the rise in precious metal prices primarily to fresh positions taken by market participants.
Firm demand in the physical market also provided support to gold futures.
The domestic movement was accompanied by gains in international bullion markets.
In New York, gold futures increased 0.46% to $3,947.6 per ounce, providing positive cues to domestic traders.
Gold prices in India are influenced by several domestic and international factors, including global bullion prices, movement in the US dollar, currency fluctuations and physical demand.
Changes in international prices can have a direct impact on domestic gold because India depends significantly on imports to meet its bullion requirements.
The latest increase comes amid continued investor interest in precious metals.
Gold is traditionally viewed as a safe-haven asset during periods of uncertainty in financial markets, while physical demand in India can also influence prices, particularly during periods of strong jewellery and investment purchases.
The ₹510 increase in December futures indicates renewed buying interest after recent volatility in bullion prices.
Traders will continue to monitor global gold prices and movements in the currency and commodities markets for further direction.
For domestic investors, movements on the MCX as well as international bullion prices are expected to remain important indicators for the near-term direction of gold.
Wednesday’s session saw both domestic and overseas futures trading higher, with the MCX December contract reaching ₹1,39,962 per 10 grams and New York gold futures trading at $3,947.6 per ounce.
