Gold climbs Rs. 90; silver jumps Rs. 490
Futures gain on speculative positions
image for illustrative purpose
New Delhi: Gold in the national capital on Tuesday climbed Rs 90 to Rs 46,856 per 10 gram in-line with gain in global precious metal prices. In the previous trade, the precious metal had closed at Rs 46,766 per 10 gram. Silver also jumped Rs 490 to Rs 67,988 per kilogram from Rs 67,498 per kilogram in the previous trade. In the international market, gold was trading in the green at $1,809 per ounce and silver was flat at $26.21 per ounce.
"The weaker dollar supported yellow metal to trade up for the day," according to HDFC Securities, senior analyst (commodities), Tapan Patel. Navneet Damani, VP (commodities research), Motilal Oswal Financial Services, added that "gold prices edged higher after hitting a one-week low in the previous session, as the dollar weakened slightly ahead of US inflation data that could signal further clues regarding the Fed's next move."
Gold futures on MCX rose by Rs 41 to Rs 47,815 per 10 gram trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for the August delivery traded higher by Rs41, or 0.09 per cent, at Rs 47,815 per 10 gram in a business turnover of 8,610 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.07 per cent higher at $1,807.10 per ounce in New York.
Silver futures traded up by 0.02 per cent at Rs 69,390 per kg on Tuesday as speculators created fresh positions amid a firm trend at the spot market.
Silver contracts for September delivery traded higher by Rs 15, or 0.02 per cent, at Rs 69,390 per kg in a business turnover of 10,402 lots on the Multi Commodity Exchange. In the international market, silver was up 0.10 per cent at $26.27 an ounce in New York.