New Delhi: Due to strong spot demand, speculators bought fresh deals due to which the price of gold rose by Rs 385 to Rs 72,903 per 10 grams in futures trade on Thursday.
On the Multi Commodity Exchange, gold contracts for August delivery rose by Rs 385, or 0.53 per cent, to Rs 72,903 per 10 gram with a turnover of 16,840 lots.
Analysts said the rise in gold prices was driven by fresh positions being created by participants.
Globally, gold futures rose 0.45 per cent to US$2,386.30 an ounce in New York.
"Spot gold closed 1.28% higher at $1955 on the back of decline in US yields despite strong US ISM services data," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
On the Multi Commodity Exchange, gold contracts for August delivery rose by Rs 385, or 0.53 per cent, to Rs 72,903 per 10 gram with a turnover of 16,840 lots.
Analysts said the rise in gold prices was driven by fresh positions being created by participants.
Globally, gold futures rose 0.45 per cent to US$2,386.30 an ounce in New York.
"Spot gold closed 1.28% higher at $1955 on the back of decline in US yields despite strong US ISM services data," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
