Futures surging as speculators build up positions

Gold futures rose Rs353 to Rs61,010 per 10 grams as speculators created fresh positions on firm spot demand. Silver futures climbed Rs289 to Rs72,933 per kilogram as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs353 or 0.58 per cent at Rs61,010 per 10 grams in a business turnover of 7,262 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures went up by 0.71 per cent to $1,994.30 per ounce in New York.