New Delhi, February 13 Gold prices rose by Rs 1,044 to Rs 1,53,880 per 10 grams in futures trading on Friday, as speculators created fresh positions due to strong demand in the spot market.
On the Multi Commodity Exchange, gold contracts for April delivery traded higher by Rs 1,044, or 0.68 per cent, at Rs 1,53,880 per 10 grams in a trading volume of 1,538 lots.
Globally, gold futures rose by 0.81 per cent to USD 4,962 per ounce in New York.
"Gold rose to around USD 4,960 per ounce after falling more than 3 per cent in the previous session, as markets navigated elevated volatility. The drop on Thursday occurred during a broad market sell-off that led investors to liquidate precious metals to raise cash," said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said that global bullion prices remain significantly higher year-on-year, highlighting the strength of the previous bull run.
"Volatility is being driven by a stronger US dollar, shifting Fed rate-cut expectations, macroeconomic data surprises, and heavy profit-booking," he added.
Trivedi noted that investors will now focus on the US inflation data due later in the day, which could shape expectations for the Federal Reserve's next policy move.
He added that the stronger-than-expected January jobs data released earlier this week have led markets to price in a first rate cut in July rather than June.
"Nevertheless, concerns about currency debasement, central bank purchases, and geopolitical tensions continue to provide underlying support for the metal," Trivedi said.