Futures rise on speculation

Gold futures jumped Rs331 to Rs72,108 per 10 grams as speculators created fresh positions on a firm spot demand. Silver prices jumped Rs806 to Rs86,017 per kilogram in futures trade as participants widened their bets on a firm spot demand. On Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher Rs331 or 0.46 per cent at Rs72,108 per 10 grams in a business turnover of 16,860 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.38 per cent to $2,556.10 per ounce in New York.

On MCX, silver contracts for September delivery increased Rs806 or 0.95 per cent to Rs86,017 per kg in 18,491 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 0.86 per cent higher at $30.52 per ounce in New York.