Futures recover on firm spot demand

Gold futures rose Rs88 to Rs58,975 per 10 gram as speculators created fresh positions on firm spot demand. Silver futures climbed Rs21 to Rs73,633 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 Rs88 or 0.15 per cent at Rs58,975 per 10 gram in a business turnover of 12,497 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.15 per cent higher at $1,949.80 per ounce in New York.

On MCX, silver contracts for September delivery gained Rs21 or 0.03 per cent to Rs73,633 per kg in 4,814 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 0.07 per cent higher at $24.62 per ounce in New York.