Firm spot demand propelling futures up
image for illustrative purpose
Gold futures rose Rs282 to Rs58,200 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver futures jumped Rs849 to Rs69,923 per kilogram as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs282 or 0.49 per cent at Rs58,200 per 10 grams in a business turnover of 13,828 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.67 per cent higher at $1,895.70 per ounce in New York.
On MCX, silver contracts for December delivery gained Rs849 or 1.23 per cent to Rs69,923 per kg in 25,072 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 1.48 per cent higher at $22.29 per ounce in New York.
