Gold futures saw a notable increase on Thursday, rising by Rs 415 to reach Rs 70,070 per 10 grams in futures trade. The price hike is attributed to speculators establishing new positions amid strong demand in the spot market.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery surged by Rs 415, or 0.6%, trading at Rs 70,070 per 10 grams. The increase occurred amid a substantial business turnover of 19,584 lots.

Analysts indicate that the rise in gold prices is primarily driven by the buildup of fresh positions by market participants. This uptick reflects the heightened interest and ongoing demand for gold, which continues to be a preferred investment asset.

The current market dynamics suggest that gold remains a strong investment choice, with its price movements closely monitored by traders and investors alike. The robust demand in the spot market coupled with speculative activity has contributed to the recent surge in futures prices.