Speculative Demand Pushing Futures Up

Gold futures jumped Rs493 to Rs78,305 per 10 grams in futures trade as speculators created positions on a firm spot demand. Silver futures jumped Rs1,445 to Rs98,405 per kilogram as participants increased their bets. On Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs493 or 0.63 per cent at Rs78,305 per 10 grams in a business turnover of 14,721 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures rose 0.73 per cent to $2,735.35 per ounce in New York.