Futures recover on firm spot demand

Gold futures rose Rs311 to Rs62,496 per 10 grams as speculators created fresh positions on firm spot demand. Silver prices rose Rs360 to Rs75,639 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 Rs311 or 0.5 per cent at Rs62,496 per 10 grams in a business turnover of 16,625 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.78 per cent to $2,052.10 per ounce in New York.

On MCX, silver contracts for March delivery increased Rs360 or 0.48 per cent to Rs75,639 per kg in 15,582 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 0.32 per cent higher at $24.63 per ounce in New York.