Gold futures rise on firm demand
image for illustrative purpose
Gold price on Thursday rose Rs188 to Rs70,913 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs188 or 0.27 per cent at Rs70,913 per 10 grams in a business turnover of 18,568 lots.
Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.36 per cent at $2,319.30 per ounce in New York. “Gold is expected to range trade ahead of the US nonfarm payroll report to be released Friday.
Although the US Federal Reserve was somewhat dovish, upside is expected to be limited as rate cut expectations are being pushed back amid contained geopolitical tensions,” according to Praveen Singh, Associate VP - Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.
