Futures Rise On Firm Spot Demand

Gold prices on Friday increased Rs209 to Rs77,036 per 10 grams in futures trade as speculators created positions on a firm spot demand.On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs209 or 0.27 per cent at Rs77,036 per 10 grams in a business turnover of 12,770 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.06 per cent to $2,635.15 per ounce in New York.

However, Comex gold futures fell $13.70 per ounce or 0.52 per cent in the Asian trading session to $2,640.20 per ounce. Comex silver futures went lower by 0.74 per cent to $30.17 per ounce in the global markets.

In futures trade on the Multi Commodity Exchange (MCX) on Friday, gold contracts for February delivery dipped Rs56 or 0.07 per cent to Rs76,771 per 10 grams. Silver contracts for March delivery decreased Rs27 or 0.03 per cent to Rs89,609 per kg in futures trade on the commodities bourse.

Globally, gold prices edged lower amid thin trading following the Christmas holiday on Friday as markets are preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Donald Trump returns to the White House in January, Manav Modi, Analyst, Commodity Research at Motilal Oswal Financial Services Ltd, said. According to Saish Sandeep Sawant Dessai, Analyst, Angel One, the US Federal (Fed) Reserve aggressively cut interest rates in September, November, and December and has signalled fewer cuts in 2025 due to stubbornly high inflation. Higher rates increase the opportunity cost of holding non-yielding bullion.

Silver prices on Friday jumped Rs504 to Rs90,140 per kilogram as participants increased their bets.On the Multi Commodity Exchange, silver contracts for March delivery increased Rs504 or 0.56 per cent to Rs90,140 per kg in a business turnover of 31,812 lots. Fresh positions built up by participants led to a rise in silver prices, analysts said. Globally, silver was trading 0.05 per cent higher at $29.82 per ounce in New York.