Speculative deals propelling futures upwards
image for illustrative purpose
Gold futures on Thursday increased by Rs184 to Rs59,645 per 10 grams as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs184 or 0.31 per cent at Rs59,645 per 10 grams in a business turnover of 3,702 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.44 per cent higher at $2,018.30 per ounce in New York. Silver futures jumped Rs578 to Rs75,902 per kilogram trade as participants widened their bets on a firm spot demand. On MCX, silver contracts for September delivery gained Rs578 or 0.77 per cent to Rs75,902 per kg in 18,245 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 0.78 per cent higher at $25.71 per ounce in New York.
