Gold prices surged on the MCX, fueled by speculation and firm spot demand. Global gold futures also rose, but rate cut expectations are being pushed back.
New Delhi, May 2 (PTI) Gold price on Thursday rose Rs 188 to Rs 70,913 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 Rs 188 or 0.27 per cent at Rs 70,913 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 USD 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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback