Futures rebound on firm spot demand

Gold futures increased Rs131 to Rs58,621 per 10 grams as speculators created fresh positions on firm spot demand. Gold futures rise Rs 131 to Rs 58,621/10 gms Silver futures too climbed Rs178 to Rs71,840 per kilogram as participants widened their bets on a firm spot demand. Gold price on Tuesday increased Rs 131 to Rs 58,621 per 10 grams in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs 131 or 0.22 per cent at Rs 58,621 per 10 grams in a business turnover of 12,958 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.35 per cent higher at $1,928.80 per ounce in New York On MCX, silver contracts for September delivery gained Rs 178 or 0.25 per cent to Rs 71,840 per kg in 11,528 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 0.41 per cent higher at $23.76 per ounce in New York.