Gold futures were up by Rs 134 to Rs 28,254 per 10 grams as traders raised bets amid positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in August contracts was quoting higher by Rs 134, or 0.48 per cent, at Rs 28,254 per 10 grams in a business turnover of 8,883 lots. Similarly, the metal for delivery in far-month October traded higher by Rs 133, or 0.47 per cent to Rs 28,464 per 10 grams, in 596 lots. Analysts attributed the rise in gold prices to a firming trend overseas where it strengthened as the dollar weakened, boosting demand for precious metals as a store of value. Meanwhile, gold rose 0.67 per cent higher at USD 1,242 an ounce in New York yesterday.
Silver prices spurted by Rs 337 to Rs 38,360 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market. At the Multi Commodity Exchange, silver for delivery in far-month December was trading notably higher by Rs 337, or 0.89 per cent, to Rs 38,360 per kg, in a business turnover of 285 lots.
Similarly, the white metal for delivery in September was up by Rs 263, or 0.70 per cent, to Rs 37,673 per kg in 18,240 lots. Analysts said a firming trend overseas where silver rallied amid a weakening dollar raised demand for the safe- haven, mainly influenced the white metal prices at futures trade. Globally, silver rose 1.12 per cent to USD 16.26 an ounce in New York yesterday.