Precious Metals: Gold, silver futures rise on fresh bets, global cues

New Delhi: Gold prices edged up by Rs 543 to Rs 36,120 per 10 gram at futures trade Monday on firm demand by local jewellers at the spot markets in tandem with positive global cues.

On the Multi Commodity Exchange, gold to be delivered in August contracts was up by Rs 543, or 1.53 per cent, to trade at Rs 36,120 per 10 gram in a business turnover of 105 lots.

According to analysts, raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here along with strong trends overseas.


Globally, gold was trading 0.89 per cent up at USD 1,470.50 an ounce in New York.

Silver

Silver futures soared 2.37 per cent to Rs 42,343 per kg Monday after speculators raised bets, driven by a firm trend overseas.

Silver for delivery in September contracts traded higher by Rs 979, or 2.37 per cent, to Rs 42,343 per kg in a business turnover of 13,022 lots on the Multi Commodity Exchange.

In a similar manner, the white metal to be delivered in far-month December contracts advanced by Rs 964, or 2.28 per cent, to Rs 43,250 per kg in 281 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals influenced silver prices at futures trade here.

In the international market, silver traded higher by 1.87 per cent at USD 16.51 an ounce in New York.