Precious metals gain on global cues
Gold futures gain on spot demand
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New Delhi: Gold in the national capital on Wednesday gained Rs110 to Rs46,396 per 10 gram following recovery in global precious metal prices. In the previous trade, the precious metal had closed at Rs 46,286 per 10 grams. Silver also climbed Rs 324 to Rs 66,864 per kilogram from Rs 66,540 per kilogram in the previous trade.
"Spot gold prices for 24 carat in Delhi were up by Rs 110 in-line with recovery in COMEX gold prices," according to HDFC Securities, senior analyst (commodities), Tapan Patel. In the international market, gold was trading with marginal gains at $1,783 per ounce and silver was trading flat at $25.94 per ounce. Gold futures prices on MCX rose Rs 74 to Rs 47,085 per 10 grams in the futures trade, as speculators created fresh positions on a firm spot demand.
On the Multi Commodity Exchange, gold contracts for the August delivery traded higher by Rs 74, or 0.16 per cent, to Rs 47,085 per 10 grams in a business turnover of 10,941 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.26 per cent higher at $1,782 per ounce in New York.
