Futures rebound on firm spot demand
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Gold futures increased by Rs108 to Rs58,385 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver futures increased by Rs221 to Rs70,510 per kilogram in futures trade as participants widened their bets on robust spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs108 or 0.19 per cent at Rs58,385 per 10 grams in a business turnover of 11,185 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.26 per cent higher at $1,934.60 per ounce in New York.
On MCX, silver contracts for September delivery gained Rs221 or 0.31 per cent to Rs70,510 per kg in 12,121 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants following a positive domestic trend. Globally, silver was trading 0.36 per cent higher at $23.20 per ounce in New York.
