Gold prices were up by Rs 52 to Rs 29,140 per 10 grams in futures trade today as speculators raised their bets amid a firm global trend. At the Multi Commodity Exchange, gold for delivery in December was trading Higher by Rs 52, or 0.18 per cent, to Rs 29,140 per 10 grams in a business turnover of 149 lots. The yellow metal for delivery in February next year gained Rs 34, or 0.12 per cent, to Rs 29,225 per 10 gm in 2 lots. Market analysts attributed the rise in gold prices at futures trade to a better trend in global market where it advanced as the dollar declined, boosting demand for the metal as an alternative asset. Meanwhile, gold was trading 0.02 per cent higher at USD 1,269.70 an ounce in Singapore.
Tracking a firming trend in the precious metals overseas, silver prices soared by Rs 97 to Rs 39,145 per kg in futures trade today as speculators widened their positions. In futures trade at the Multi Commodity Exchange, silver for delivery in December surged by Rs 97 Or 0.25 per cent to Rs 39,145 per kg in a business turnover of 159 lots. The white metal for delivery in far-month March 2018 was trading higher by Rs 84 or 0.21 per cent to Rs 39,780 per kg in 7 lots.
Market analysts said speculative position built up by participants, driven by firm global trend as weakness in dollar, raised appeal for the precious metals as a safe haven, mainly attributed to the rise in silver prices at futures trade here. Meanwhile, silver surged 0.18 per cent to USD 16.83 an ounce in Singapore.