Gold futures on the Multi Commodity Exchange (MCX) reached a record ₹1,47,201 per 10 grams for the December contract. The rise is driven by a mix of speculative buying and steady physical market demand. Investors are increasingly using gold to hedge against broader market uncertainty, mirroring gains seen in global commodity exchanges.
Gold futures on the Multi Commodity Exchange (MCX) reached a fresh record high on Thursday, with the December contract rising 0.93% to settle at ₹1,47,201 per 10 grams. The session saw active trading, with a total turnover volume of 1,567 lots recorded as traders moved to open new positions.
The price increase is primarily driven by a combination of speculative buying and sustained physical demand. In this context, physical demand refers to the actual buying of gold for use or long-term holding, while speculative buying happens when traders bet that prices will keep rising. This dual demand has supported the upward trend in prices both within India and in international markets.
This movement aligns with global trends, where gold futures in New York gained 0.81% to reach $4,138.72 per ounce. Gold is widely considered a safe asset, and investors often turn to it during periods of uncertainty to protect their portfolios from volatility in other markets. However, futures contracts are highly sensitive to market sentiment and can experience rapid price swings.
As the December maturity date approaches—the time when these futures contracts must be settled—trading activity often increases. This can lead to increased price swings in the near term. For those following the market, the key to understanding this trend is to monitor whether the current physical demand continues, as it is a major factor supporting the current price levels. Additionally, global price trends and currency changes remain the primary external factors that can influence these domestic rates.