Gold prices spurted by Rs 63 to Rs 28,963 per 10 gram in futures trade as speculators raised their bets after the precious metal climbed to one-month high in global markets. In futures trade at the Multi Commodity Exchange, gold for delivery in June rose by Rs 63, or 0.22 per cent, to Rs 28,963 per 10 gram in a business turnover of 338 lots. Also, the precious metal for delivery in August was trading higher by Rs 34, or 0.12 per cent, to Rs 29,100 per 10 gram in 123 lots.
Analysts said rally in gold prices in the global market, where it surged to one-month high influenced gold futures here. Besides, pick up in buying by local jewelers and covering-up short positions by speculators also supported the upside, they said. Globally, the metal’s rates rose 0.09 per cent to $1,267.80 an ounce in Singapore.
Silver prices rose by Rs 93 to Rs 40,430 per kg in futures trading today as participants widened their bets amid a firming trend in precious metals overseas. At the Multi Commodity Exchange, silver for delivery in July was trading higher by Rs 93 to Rs 40,430 per kg in a business turnover of 725 lots.
Likewise, the white metal for delivery in far-month September rallied by Rs 81 or 0.20 per cent to Rs 40,863 per kg in four lots. Analysts said bets enlarged by speculators in tandem with a firming trend in precious metals overseas, mainly influenced silver prices in futures trade here. Meanwhile, silver was up 0.55 per cent at $17.40 an ounce in Singapore today.