MUMBAI: Gold prices saw a slight increase on December 4, 2024, with futures trading up by Rs 37, settling at Rs 76,940 per 10 grams. This price surge is attributed to the steady demand in the domestic market, as speculators built fresh positions in anticipation of further price increases.
On the Multi Commodity Exchange (MCX), gold futures for February delivery rose by 0.05% or Rs 37, reflecting an active market turnover of 12,338 lots. Analysts suggest that the increase in positions by market participants is a key driver behind the upward movement in prices.
This positive trend is consistent with the global scenario, where gold prices have experienced a gradual increase, driven by rising global demand and growing uncertainties in financial markets. The strengthening of gold futures, coupled with the ongoing festive season, continues to fuel optimism among investors.
As the demand for gold remains robust, both in India and globally, experts predict that the metal may maintain its upward momentum in the short term.
Source: Web Team, C6N
