Futures rebound on firm spot demand

Gold futures rose Rs87 to Rs72,420 per 10 grams as speculators created fresh positions on a firm spot demand. Silver futures rose Rs771 to Rs93,385 per kilogram as participants widened their bets on a firm spot demand.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher Rs87, or 0.12 per cent, at Rs72,420 per 10 grams in a business turnover of 12,998 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.27 per cent to $2,369.80 per ounce in New York.