Gold Prices Rise Rs 190, Silver Gains 0.41% In Futures Trade
Fresh Positions And Firm Global Trends Support Precious Metals
Gold prices rose Rs 190 to Rs 1.52 lakh per 10 grams in futures trade on Wednesday, supported by fresh positions created by speculators amid firm spot demand. On the Multi Commodity Exchange (MCX), gold for October delivery increased by Rs 190, or 0.12 per cent, to Rs 1,52,769 per 10 grams. The contract recorded a business turnover of 635 lots.
Market analysts attributed the rise in gold futures to fresh positions built by participants.
In the international market, gold futures climbed 0.65 per cent to USD 4,384.16 per ounce in New York. Silver prices also advanced in futures trade on Wednesday, tracking a firm global trend. On the MCX, silver for December delivery rose Rs 989, or 0.41 per cent, to Rs 2,40,416 per kilogram, with a business turnover of 1,192 lots.
Analysts said fresh positions built by market participants supported the rise in silver prices. In the overseas market, silver futures gained 1.17 per cent to USD 66.51 per ounce. The precious metals continued to draw buying interest amid a firm global trend, with traders increasing their positions in both gold and silver futures.
The gains in domestic futures came against the backdrop of strength in international precious metal prices, reflecting continued investor interest in bullion markets. Gold and silver are closely watched by investors for signals on global economic conditions, interest rate expectations and currency movements. Changes in international prices are also reflected in domestic futures, alongside movements in the rupee and local demand.
The latest session saw both precious metals register gains, with gold remaining above the Rs 1.52 lakh per 10-gram level and silver trading above Rs 2.40 lakh per kg in the domestic futures market.