Precious metals: Silver, gold futures up on spot demand

New Delhi: Silver prices on Thursday surged by Rs 373 to Rs 61,488 per kg in futures trade as participants widened their bets on firm spot demand and global cues.

On the Multi Commodity Exchange, silver contracts for September gained Rs 373, or 0.61 per cent, to Rs 61,488 per kg in 14,156 lots.

Analysts said the rise in silver prices was mostly on the back of fresh positions built up by participants on a positive domestic trend.


However, silver was trading lower by 0.23 per cent at USD 23.09 an ounce in New York.

Gold
Gold prices on Thursday gained Rs 340 to Rs 50,418 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 340, or 0.68 per cent, at Rs 50,418 per 10 gram in a business turnover of 6,771 lots.

Fresh positions built up by participants mainly led to the rise in gold prices, analysts said.

Gold prices traded 0.68 per cent higher at USD 1,877.80 per ounce in New York.