MUMBAI: Gold prices in India saw a significant uptick on Friday, driven by robust festive demand and increased activity in the futures market. On the Multi Commodity Exchange (MCX), December gold futures rose ₹435, or 0.57%, to ₹77,128 per 10 grams. This increase reflects heightened investor interest and positive sentiment in the bullion market.
Market Dynamics and Festive Season Impact
The surge is attributed to the festive buying season, with occasions like Dhanteras, Diwali, and weddings propelling demand for gold jewelry. Analysts believe the uptick in futures trade reflects speculative positioning by traders in anticipation of higher spot demand during the festive period.
Wider Market Trends
Globally, gold prices remain buoyed by safe-haven demand amid geopolitical tensions and evolving U.S. monetary policy expectations. On the international front, gold hovered at $2,678.90 per ounce during Asian trading hours, reflecting stability amid a stronger dollar.
Investors are advised to monitor global cues and domestic demand patterns to navigate the fluctuating bullion market effectively.
WEB TEAM. C6N
