Firm spot demand propelling futures up

Gold futures rose Rs252 to Rs68,438 per 10 grams as speculatoRscreated fresh positions on a firm spot demand. Silver futures jumped Rs465 to Rs81,836 per kilogram as participants widened their bets on a firm spot demand. On Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher Rs252 or 0.37 per cent at Rs68,438 per 10 grams in a business turnover of 3,686 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures increased 0.34 per cent to $2,436.20 per ounce in New York. On MCX, silver contracts for September delivery increased Rs465 or 0.57 per cent to Rs81,836 per kg in 28,772 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.