Gold, Silver Prices Jump in Futures Trade on Fresh Buying
Precious metals gain on the MCX amid firm spot demand and positive global market cues.
Gold and silver prices advanced in futures trade on Tuesday, supported by fresh buying from traders amid firm domestic demand and positive global cues.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery rose by Rs 1,303, or 0.93 per cent, to Rs 1,41,612 per 10 grams. The contract recorded a business turnover of 1,095 lots.
Analysts attributed the rise in gold prices to fresh positions created by market participants amid firm spot demand.
In the international market, gold futures climbed 0.70 per cent to USD 4,030.57 per ounce in New York.
Silver also witnessed strong buying interest. The July delivery contract on the MCX gained Rs 2,946, or 1.35 per cent, to Rs 2,20,664 per kilogram, with a business turnover of 1,422 lots.
According to analysts, fresh positions by traders and a firm global trend supported the rally in silver prices. In the overseas market, Comex silver futures rose 0.86 per cent to USD 58.15 per ounce.
