SRINAGAR: Gold prices climbed sharply in futures trade on Wednesday, with the August contract rising Rs 1,580 to Rs 1,44,463 per 10 grams on the Multi Commodity Exchange (MCX), supported by fresh buying and firm demand in the spot market.
The August gold contract traded 1.11 per cent higher during the session, with a business turnover of 790 lots, reflecting renewed interest from market participants.
Market analysts attributed the rise to fresh positions created by traders amid sustained demand for the precious metal in the domestic market.
Internationally, gold prices also moved higher. Gold futures in New York rose 1.23 per cent to USD 4,127.3 per ounce, providing additional support to domestic prices.
The movement in domestic gold futures broadly tracked gains in global bullion markets, while continued buying interest contributed to the upward momentum in prices.
