Gold futures were trading up 0.18 per cent at Rs 29,778 per ten grams as traders raised bets amid positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in February next year rose Rs 54, or 0.18 per cent, to Rs 29,863 per ten grams in a business turnover of 9 lots. Similarly, the metal for delivery in December traded higher by Rs 50, or 0.15 per cent, to Rs 29,778 per ten grams in 378 lots.
Analysts attributed the rise in gold prices to a firming trend overseas where it rose to the highest in more than a week as an uptick in geopolitical uncertainty increased demand for the precious metal as a safe-haven but growing hopes that the US Federal Reserve will hike interest rates for the third time this year capped gains. Meanwhile, gold was trading 0.26 per cent higher at $1,287 an ounce in Singapore today.
On the other hand, silver prices went up by Rs 152 to trade at Rs 40,092 per kg in futures trading today as participants indulged in enlarging positions amid a firm trend in precious metals overseas. Silver for delivery in December was up by Rs 152, or 0.38 per cent, at Rs 40,092 per kg at the Multi Commodity Exchange, in a business turnover of 71 lots. Likewise, the white metal for delivery in March next year spurted Rs 147, or 0.36 per cent, to Rs 40,688 per kg in 8 lots. Analysts said widening of positions by speculators in step with a firm trend in the precious metals overseas influenced silver prices at futures trade. Meanwhile, silver was up 0.50 per cent to $17.04 an ounce in Singapore today.