Futures recover as speculators build positions
image for illustrative purpose
Gold futures increased by Rs45 to Rs59,400 per 10 gram as speculators created fresh positions on a firm spot demand. Silver futures increased Rs288 to Rs72,414 per kilogramm as participants widened their bets on firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs45 or 0.08 per cent at Rs59,400 per 10 grams in a business turnover of 13,655 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.10 per cent higher at $1,972.60 per ounce in New York.
On MCX, silver contracts for July delivery gained Rs288 or 0.4 per cent to Rs72,414 per kg in 13,470 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 0.58 per cent higher at $24.09 per ounce in New York.
