Futures recover on firm spot demand

Gold prices on Tuesday rose Rs202 to Rs62,070 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. Silver futures climbed Rs174 to Rs71,817 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 Rs202, or 0.33 per cent, at Rs62,070 per 10 grams in a business turnover of 6,214 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased by 0.53 per cent to $2,052.40 per ounce in New York.

On MCX, silver contracts for March delivery increased Rs174, or 0.25 per cent, to Rs70,990 per kg in 30,082 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 0.58 per cent higher at $22.43 per ounce in New York.