Gold Futures Surge by Rs 245 to Reach Rs 71,585 per 10 gm

In futures trading on Wednesday, gold prices experienced a notable uptick, rising by Rs 245 to Rs 71,585 per 10 grams, driven by speculators initiating new positions amidst robust spot demand.

At the Multi Commodity Exchange, gold contracts slated for June delivery witnessed an ascent of Rs 245 or 0.34%, trading at Rs 71,585 per 10 grams across a business turnover of 23,529 lots.

Market analysts attributed the rise in gold prices to the accumulation of fresh positions by market participants.

Internationally, gold futures surged by 0.51% to USD 2,374.40 per ounce in New York.