Futures rebound on renewed spot demand
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Gold futures increased by Rs250 to Rs59,638 per 10 gram as speculators created fresh positions on firm spot demand. Silver futures jumped Rs284 to Rs74,227 per kilogram as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs250 or 0.42 per cent at Rs59,638 per 10 gram in a business turnover of 15,034 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.33 per cent higher at $1,985.40 per ounce in New York.
On MCX, silver contracts for September delivery gained Rs284 or 0.38 per cent to Rs74,227 per kg in 15,813 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 0.30 per cent higher at $24.40 per ounce in New York.
