Gold Futures Surge: Prices Jump Rs 1,300

New Delhi, Jun 2 (PTI) Gold prices on Monday bounced Rs 1,300 to Rs 97,175 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

The most traded gold contracts for August delivery rallied by Rs 1,300 or 1.36 per cent to Rs 97,175 per 10 grams in a business turnover of 14,336 lots on the Multi Commodity Exchange.

Fresh positions built up by participants led to a rise in gold prices, analysts said.


In the international markets, gold futures increased by USD 50.30 per ounce or 1.52 per cent to USD 3,365.70 per ounce in New York.

According to commodities market experts, ongoing tariff uncertainty, escalating geopolitical tensions between Russia and Ukraine, and conflicts in the Middle East boost demand for safe-haven assets like gold.

Traders will be awaiting the US May ISM Manufacturing Purchasing Managers' Index data, and US Federal Reserve's Chair Jerome Powell's speech later in the day, which will provide more cues on the trajectory for the bullion prices, they said.