Gold futures on the Multi Commodity Exchange (MCX) traded higher on Monday, rising by ₹1,283 per 10 grams as speculators built fresh positions amid robust spot demand. The October delivery contract settled at ₹1,63,721 per 10 grams, a gain of 0.79 per cent, with a business turnover of 3,424 lots.
The move mirrored strength in international markets. In New York, gold futures for the same period climbed 0.99 per cent to $4,648.78 per troy ounce. Analysts attributed the domestic uptick to fresh buying by participants, supported by firm physical demand in the spot market.
What drove the move on MCX
The increase on the MCX was led by new long positions rather than short covering. Open interest data showed that traders added contracts, signalling fresh bullish bets. The turnover of 3,424 lots indicates active participation, though volume remains moderate compared to peak periods.
Domestic gold prices are influenced by the rupee-dollar exchange rate, import duties, and local demand patterns. The current rally comes against a backdrop of steady consumer interest in jewellery and investment bars, particularly ahead of the festive season in India.
Global context
Internationally, gold futures in New York rose nearly 1 per cent, crossing the $4,648 level. The move was part of a broader uptrend in precious metals, with silver also gaining. Market participants are watching US economic data and Federal Reserve policy signals for further direction.
The dollar index, a key inverse driver for gold, remained relatively stable, allowing the metal to hold its gains. Safe-haven demand also provided support amid ongoing geopolitical uncertainties.
For Indian investors, the domestic gold price is closely tied to the international spot price, which is quoted in US dollars per troy ounce. One troy ounce equals 31.1035 grams. The MCX contract is priced for 10 grams, making it easy to compare with global benchmarks after adjusting for currency and unit.
Key takeaways
- MCX gold futures for October delivery rose ₹1,283 (0.79%) to ₹1,63,721 per 10 grams.
- The move was driven by fresh speculative buying and firm spot demand.
- Globally, gold futures increased 0.99% to $4,648.78 per ounce in New York.
- Business turnover on MCX was 3,424 lots, indicating active participation.
Common questions
What is the MCX gold futures contract?
The MCX (Multi Commodity Exchange) gold futures contract is a derivative that allows traders to buy or sell gold at a predetermined price for delivery in the future. The October 2026 contract is one of the most actively traded. The price is quoted in rupees per 10 grams.
How does global gold price affect domestic futures?
International gold prices, usually quoted in US dollars per troy ounce, serve as the primary reference for domestic markets. The MCX price adjusts for the rupee-dollar exchange rate, import duties, and local supply-demand factors. A rise in global gold typically lifts MCX futures, as seen in Monday's session.
What does a turnover of 3,424 lots indicate?
A lot on MCX gold represents 1 kilogram of gold. A turnover of 3,424 lots means contracts for about 3.4 tonnes of gold changed hands during the session. This is a moderate volume, reflecting decent market participation but not extreme activity.
For the latest price, check the live gold price on GoldRate.info, updated throughout the trading day.
The day's move reinforces the link between international cues and domestic futures. With fresh positions building and spot demand holding firm, gold remains in focus for Indian market participants.