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Gold futures rise on firm spot demand

Gold futures rise on firm spot demand

Gold price on Monday rose Rs362 to Rs71,030 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 Rs362 or 0.51 per cent at Rs71,030 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 $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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