Gold prices rose on Monday, driven by firm spot demand and speculation. Global gold futures also saw an increase, influenced by US job data and geopolitical tensions.
New Delhi, May 6 (PTI) Gold price on Monday rose Rs 362 to Rs 71,030 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 362 or 0.51 per cent at Rs 71,030 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 0.59 per cent at USD 2,322.30 per ounce in New York.
According to Rahul Kalantri, Vice President- Commodities at Mehta Equities Ltd, "Gold... showed very high volatility and recovered from lows after downbeat US job data but unable to hold its gains due to easing geo-political tensions. The dollar index and the US bond yields also slipped from their highs after disappointing US data and supporting the precious metal.
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