Precious Metals: Gold, silver soar in futures trade amid high demand

Gold prices on Monday soared by Rs 857 to Rs 40,969 per 10 gram in futures trade as speculators moved towards safe haven, amid rising tensions in the Middle East.

On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 857, or 2.14 per cent, at Rs 40,969 per 10 gram with a business turnover of 5,559 lots.

The yellow metal for April delivery traded higher by Rs 874, or 2.17 per cent, at Rs 41,170 per 10 gram in a business turnover of 530 lots.


Top Iranian commander Qasem Soleimani was killed on Friday in a US strike on Baghdad's international airport.

US President Donald Trump has warned Iran of "major retaliation" if Tehran carries out any attack against America to avenge the killing of top military commander Qasem Soleimani and hinted at striking its cultural sites.

Globally, gold prices rose 1.67 per cent to $1,578.40 per ounce in New York.

Silver
Silver futures on Monday traded higher by Rs 1,008 to Rs 48,535 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by 2.12 per cent, or Rs 1,008, to Rs 48,535 per kg in a business turnover of 5,945 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in May jumped by Rs 1,024, or 2.13 per cent, to Rs 49,051 per kg in 37 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas mainly influenced silver prices here.

In the international market, silver traded higher by 1.73 per cent at $18.47 an ounce in New York.