Futures rise on speculative demand

Gold futures increased Rs279 to Rs78,318 per 10 grams as speculators created positions on a firm spot demand. Silver futures jumped Rs852 to Rs98,300 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs279 or 0.36 per cent at Rs78,318 per 10 grams in a business turnover of 14,924 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures rose 0.58 per cent to $2,735.50 per ounce in New York. On MCX, silver contracts for December delivery hiked by Rs852 or 0.87 per cent to Rs98,300 per kg in a business turnover of 26,583 lots. Globally, silver was trading 1.10 per cent higher at $34.15 per ounce in New York.