ENM: Gold rises on festive demand, firm global cues
NEW DELHI: Gold futures price improved by 0.32 per cent on the Multi Commodity Exchange today as speculators indulged in creating fresh positions
to meet the current festival demand.
Trading sentiment turned bullish as gold rose to six-week high in London on speculation, expanding economies in Asia and demand for jewellery will support prices. Firming global trend also supported the uptrend.
At MCX platform, gold for August contract gained 0.32 per cent to Rs 14,948 per ten gram, with an open interest in 11,440 lots.
Similarly, the metal for delivery in October contract edged up by 0.29 per cent to Rs 14,931 per ten gram clocking of 6,861 lots.
The rise in gold mostly attributed as speculators were seen in enlarging their positions in view of festive season traders said.
Meanwhile, gold added 7.20 dollar to 958.54 dollar an ounce in London, the highest since June 11.