Speculative demand further propels futures up
image for illustrative purpose
Gold futures jumped Rs330 to Rs62,516 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. Silver futures rose Rs170 to Rs72,547 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 Rs330, or 0.53 per cent, at Rs62,516 per 10 grams in a business turnover of 1,180 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased by 0.56 per cent to $2,056.10 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs170, or 0.23 per cent, to Rs72,547 per kg in 23,032 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 $23.33 per ounce in New York.
