Gold price futures surge on global cues

Mar 04 2014, 13:23 IST
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SummaryGold prices rose sharply by Rs 285 to Rs 30,375 per 10 grams in futures trade today as speculators created fresh positions taking cues from overseas markets.

Gold prices rose sharply by Rs 285 to Rs 30,375 per 10 grams in futures trade today as speculators created fresh positions taking cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 285, or 0.98 per cent, to Rs 30,375 per 10 grams, with a business turnover of 967 lots.

Similarly, the metal for delivery in June moved up by Rs 272, or 0.92 per cent, to Rs 29,747 per 10 grams, with a trade volume of 32 lots.

Marketmen said fresh positions built-up by speculators in line with global trend as tension in Ukraine exacerbated by Russia's seizure of Crimea boosted demand for a safe haven, mainly led to a rise in gold futures.

Globally, gold in Singapore traded 1.40 per cent higher at USD 1,344.87 an ounce in early trade today.

Silver prices went up by a whopping Rs 538 to Rs 46,900 per kg in futures trade today after participants built-up speculative positions, largely driven by a firming trend overseas.

At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 538, or 1.16 per cent, to Rs 46,900 per kg in a business turnover of 261 lots.

Similarly, the white metal for delivery in May rose by Rs 548, or 1.16 per cent, to Rs 47,825 per kg in 929 lots.

Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as tension in Ukraine escalated by Russia's seizure of Crimea boosted demand for a safe haven.

Meanwhile, silver advanced 1.10 per cent to USD 21.46 an ounce in Singapore, after climbing 11 per cent in February, the first monthly gain since October.

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