Futures recover on firm spot demand
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Gold futures jumped by Rs103 to Rs59,291 per 10 grams as speculators created fresh positions following a firm spot demand. Silver futures too climbed Rs304 to Rs73,850 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs103 or 0.17 per cent at Rs59,291 per 10 grams in a business turnover of 10,166 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 3.90 per cent higher at $1,965.60 per ounce in New York.
On MCX, silver contracts for September delivery gained Rs304 or 0.41 per cent to Rs73,850 per kg in 15,765 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 0.53 per cent higher at $24.44 per ounce in New York.
