Futures recover on firm spot demand

Gold futures rose Rs385 to Rs72,903 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. Silver prices on Thursday climbed Rs964 to Rs91,408 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher Rs385 or 0.53 per cent at Rs72,903 per 10 grams in a business turnover of 16,840 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures grew 0.45 per cent to $2,386.30 per ounce in New York. Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, “spot gold closed with a gain of 1.28 per cent at $1955 as the US yields sank despite robust US ISM services data.”