Gold prices rise as traders build fresh positions on MCX

Gold prices rose in futures trading on Tuesday, with the October contract on the Multi Commodity Exchange (MCX) gaining Rs 704, or 0.46%, to Rs 1,53,522 per 10 grams amid fresh position-building by traders.

The contract recorded a business turnover of 1,560 lots, with analysts attributing the rise to increased participation and firm demand in the spot market.

In the international market, gold futures were also trading higher, gaining 0.22% to USD 4,413.84 per ounce. Global gold prices were supported by a softer US dollar, while investors remained focused on upcoming US inflation data that could influence expectations for the Federal Reserve’s next interest-rate decision.

Domestic gold prices have also remained sensitive to global geopolitical developments, currency movements and expectations around US monetary policy.

with inputs from PTI