Gold prices were trading up by Rs 63 to Rs 27,914 per 10 grams in futures trade today as speculators created positions amid positive cues from the global market. At the Multi Commodity Exchange, gold for delivery in August shot up by Rs 63, or 0.23 per cent, to Rs 27,914 per 10 grams in a business turnover of 306 lots. The metal for delivery in October was trading higher by Rs 62, or 0.22 per cent, to Rs 28,105 per 10 grams in a turnover of 1 lot. Analysts said a firming trend overseas as the Federal Reserve Janet Yellen’s reiterated a call for gradual interest-rate hikes amid weakening dollar raising the demand of the precious metal, influenced gold prices here in futures trade. Meanwhile, gold rose 0.20 per cent to USD 1,222.40 an ounce in Singapore.
Silver prices were trading up by Rs 41 to Rs 37,009 per kg in futures trade today after participants raised bets amid firming global trends. At the Multi Commodity Exchange, silver for delivery in September was trading up by Rs 41, or 0.11 per cent, to Rs 37,009 per kg in a business turnover of 472 lots. Similarly, the white metal for delivery in December traded higher by Rs 38, or 0.10 per cent, to Rs 37,659 per kg in a business volume of one lot. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metal overseas as dollar’s safe-haven appeal weakened after the US Federal Reserve reiterated a call for gradual approach to raising interest rates. Globally, silver traded 0.13 per cent higher at USD 15.92 an ounce in Singapore.