Futures further rise on firm spot demand

Gold futures rose $155 to $62,123 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. Silver futures climbed $587 to $71,544 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded higher $155, or 0.25 per cent, at $62,123 per 10 grams in a business turnover of 5,562 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased by 0.31 per cent to $2,051.60 per ounce in New York.

On MCX, silver contracts for March delivery increased $587, or 0.25 per cent, to $71,544 per kg in 28,403 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.