Futures recover on firm spot demand

Gold futures moved up by Rs294 to Rs58,601 per 10 grams as speculators created fresh positions on a firm spot demand. Silver futures rose by Rs1,132 to Rs69,215 per kilogram as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs 294 or 0.5 per cent at Rs 58,601 per 10 grams in a business turnover of 12,433 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.56 per cent higher at $1,940.50 per ounce in New York.

On MCX, silver contracts for July delivery gained Rs 1,132 or 1.66 per cent to Rs 69,215 per kg in 9,782 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 2.20 per cent higher at $23.05 per ounce in New York.