Gold prices rose by Rs 227 to Rs 28,418 per 10 gm in futures trade largely on speculative positions created by participants amid a firming trend at the spot market.

Similarly, silver prices rose by Rs 202 to Rs 44,364 a kg in futures trading as speculators created fresh positions buoyed by a firm global trend.

At the Multi Commodity Exchange, gold for delivery in far-month October was up by Rs 227, or 0.81 per cent, to Rs 28,418 per 10 gm in business turnover of 143 lots.

The metal for delivery in August contracts moved up by Rs 225, or 0.80 per cent, to Rs 28,236 per 10 gm in a turnover of 2,071 lots.

Silver for delivery in July traded Rs 202, or 0.46 per cent, higher at Rs 44,364 per kg in business turnover of 2,177 lots. Likewise, the white metal for delivery in the September traded higher by Rs 202, or 0.45 per cent, to Rs 44,955 per kg in 125 lots.

Analysts said overnight gains in the global market and a firming trend at the domestic spot market as weakening rupee, which slumped to an all-time low of Rs 58.90 to a dollar made gold costlier, mainly influenced gold prices at futures trade here. They added that fresh positions built up by speculators following overnight gains overseas, mainly pushed up silver prices.

Meanwhile, gold rose by $ 2.40, or 0.17 per cent to $1,387 an ounce in New York in yesterday’s trade while silver rose 1.20 per cent to $21.95 an ounce.

Related Topics