Futures rebound on firm spot demand

Gold futures rose Rs167 to Rs59,808 per 10 grams as speculators created fresh positions on a firm spot demand. Silver futures increased Rs436 to Rs73,410 per kilogram as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCx), gold contracts for August delivery traded higher by Rs167 or 0.28 per cent at Rs59,808 per 10 grams in a business turnover of 13,980 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.43 per cent higher at $1,978.10 per ounce in New York.