Precious Metals: Gold rises, silver slumps in futures trade

Gold prices rose by Rs 69 to Rs 38,105 per 10 gram in futures trade on Wednesday as speculators widened their bets on spot demand, tracking a firm trend overseas.

On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 69, or 0.18 per cent, at Rs 38,105 per 10 gram in a business turnover of 2,695 lots.

Gold for delivery in February next year also edged up by Rs 61, or 0.16 per cent, at Rs 38,400 per 10 gram in a business turnover of 83 lots.


Analysts said the rise in gold prices was mostly on the back of fresh positions built by participants on strong overseas trend.

Globally, gold price was quoting 0.24 per cent up at $1,487.10 an ounce in New York.

Silver
Silver futures slumped by Rs 318 at Rs 44,908 per kg on Wednesday as participants cut down their bets in line with sluggish trend at overseas markets.

On the Multi Commodity Exchange, silver contracts for December delivery fell by Rs 318, or 0.70 per cent, at Rs 44,908 per kg in a business turnover of 7,274 lots.

Similarly, the white metal contracts for March delivery traded lower by Rs 320, or 0.69 per cent, at Rs 45,860 per kg in a business volume of 121 lots.

In the international market, silver fell 0.80 per cent to $17.25 an ounce in New York.

Traders said the fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets.