Gold, silver rise on global cues

Gold prices were higher by Rs 103 to Rs 30,208 per 10 grams in futures trade today as speculators widened their positions on positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in October was trading higher by Rs 103, or 0.34 per cent, at Rs 30,208 per 10 grams, in a business turnover of 426 lots.

The metal for delivery in far-month December too rose by Rs 94, or 0.31 per cent, at Rs 30,386 per 10 grams, in a turnover of three lots.

Analysts said a firming trend in global market on prevailing geopolitical tensions after the North Korea on Sunday claimed that it had successfully tested a hydrogen bomb, fuelled safe haven demand, influenced the gold prices in futures trade.

Globally, gold rose 0.22 per cent higher at USD 1,336.70 an ounce in Singapore today.

Silver
Silver prices went up by Rs 204 to Rs 42,114 per kg in futures trading today as speculators widened positions amid firm trend in precious metals overseas.

At the Multi Commodity Exchange, silver for delivery in March next year traded higher by Rs 204, or 0.49 per cent, at Rs 42,114 per kg in a business turnover of 1 lot.

Likewise, the white metal for delivery in December was trading higher by Rs 59, or 0.14 per cent, to Rs 41,480 per kg in 555 lots.

Market analysts said speculative positions built up by participants, tracking a better trend in global markets for precious metals, supported the upside in silver prices at futures trade here.

Meanwhile, silver surged 0.99 per cent to USD 17.87 an ounce in York yesterday.