Speculators build-up positions in futures
image for illustrative purpose
Gold prices jumped Rs208 to Rs63,528 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver prices jumped Rs410 to Rs74,800 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded higher by Rs208, or 0.33 per cent, at Rs63,528 per 10 grams in a business turnover of 15,345 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.54 per cent to $2,083 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs 410, or 0.55 per cent, to Rs 74,800 per kg in 14,817 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 0.64 per cent higher at $24.24 per ounce in New York.
