Surging spot demand propelling futures upward

Gold futures increased by Rs68 to Rs59,831 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver prices increased by Rs102 to Rs76,205 per kilogram as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs68 or 0.11 per cent at Rs59,831 per 10 grams in a business turnover of 8,473 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.09 per cent higher at $1,982.60 per ounce in New York.