New Delhi: Gold rates prices rose Rs 695 to Rs 87,623 per 10 grams in futures trade on Tuesday as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded higher by Rs 695 or 0.8 percent at Rs 87,623 per 10 grams in a business turnover of 14,966 lots.

Fresh positions built up by participants led to a rise in gold prices, analysts said.
Globally, gold futures increased 0.67 per cent to USD 3,003.41 per ounce in New York.

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said sentiment remained cautious with investors looking for further clarity from the US on its next course of action, especially amid escalating trade tensions. 

“The upcoming US CPI data is expected to play a crucial role in shaping rate cut expectations, which could influence gold’s direction globally. Domestically, the RBI policy meet later this week will be closely watched, as rupee volatility is likely to add another layer of uncertainty for MCX Gold. In this backdrop, gold is expected to remain highly sensitive to both global cues and currency movement, with the short-term trading range likely to stay between Rs 87,000 and Rs 90,000,” he added.

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