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.”