Gold futures on India’s Multi Commodity Exchange (MCX) climbed sharply on Friday, rising ₹1,952 to settle at ₹1,47,710 per 10 grams.
The move marks a decisive reversal from the previous session, where prices had dipped amid a noticeable lack of spot demand.
The rally was fueled by renewed physical buying interest and fresh speculative positioning.
Traders on the exchange established new long positions for August delivery, signaling a shift in sentiment after days of cautious trading.
This surge in activity contrasts with the modest recovery seen earlier in the week, when prices had only managed to edge up ₹405 to ₹1.41 lakh per 10 grams on value buying following a sharp selloff.
The return of spot demand appears to have temporarily offset persistent headwinds from a strong US dollar, which has weighed on domestic gold prices in recent sessions.