Precious metals: Gold futures rise 0.24%, silver surges

NEW DELHI: Gold prices rose by 0.24 per cent to Rs 29,390 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 70 or 0.24 per cent to Rs 29,390 per 10 gram in a business turnover of 129 lots.

Likewise, the yellow metal for delivery in far-month February next year moved up by Rs 50 or 0.17 per cent to Rs 29,156 per 10 gram in five lots.


Analysts said fresh positions created by traders in line with a firm global trend after gold snapped its biggest three-day drop in more than a year amid signs that prices fell too far, too fast and as the dollar weakened for the first time since last week's US presidential election, influenced the precious metal prices at futures trade.

Globally, gold rose 0.11 per cent to USD 1,229.80 an ounce in Singapore.

Silver
Silver prices were higher up by Rs 179 to Rs 42,215 per kg in futures trade today after participants raised their bets amid firming global trends.

At the Multi Commodity Exchange, silver for delivery in far-month March next year was trading notably higher by Rs 179 or 0.43 per cent to Rs 42,215 per kg in a business turnover of five lots.

Similarly, the white metal for delivery in December traded higher by Rs 163 or 0.39 per cent to Rs 41,570 per kg in a business volume of 243 lots.

Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas as dollar fell for the first time since last week's US presidential election, boosting demand for the precious metals as a safe haven.

Globally, silver rose 0.47 per cent higher at USD 17.14 an ounce in Singapore.