Gold, Silver Prices Rise In Futures Trade
Gold gains Rs 803, while silver climbs Rs 3,052 on the MCX amid firm global trends.
Gold prices rose by Rs 803 to Rs 1.51 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 climbed Rs 803, or 0.53 per cent, to Rs 1,51,612 per 10 grams. The contract recorded a business turnover of 775 lots.
Market analysts attributed the rise in gold prices to fresh positions taken by participants, indicating increased trading activity in the precious metal futures market.
The rise in domestic gold futures was also in line with firm global prices. In New York, gold futures advanced 0.70 per cent to USD 4,322.14 per ounce.
Silver prices also moved higher on Wednesday, gaining 1.31 per cent in futures trade amid a firm global trend.
On the MCX, silver for December delivery increased by Rs 3,052, or 1.31 per cent, to Rs 2,35,170 per kilogram. The contract recorded a business turnover of 1,874 lots.
Analysts said fresh positions by market participants supported the rise in silver prices. The increase in domestic silver futures also reflected the positive trend in overseas markets.
In the international market, silver futures gained 1.34 per cent to USD 64.52 per ounce.
The gains in both precious metals came amid firm global trends, with investors and market participants adding fresh positions in futures contracts.
Gold and silver futures are influenced by movements in international prices, spot demand and trading positions. Changes in global market sentiment can also affect domestic futures prices.
The latest session saw silver registering a sharper percentage gain than gold, while both metals remained firmly placed at elevated price levels in domestic futures trade.