Futures rebound on firm spot demand
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Gold futures jumped Rs175 to Rs62,270 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver futures jumped Rs129 to Rs72,556 per kilogram as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded higher by Rs175, or 0.28 per cent, at Rs62,270 per 10 grams in a business turnover of 10,841 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.43 per cent to $2,042.30 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs129, or 0.18 per cent, to Rs72,556 per kg in 22,265 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 0.17 per cent higher at $235 per ounce in New York.
