Futures recover on firm spot demand
Gold futures fell Rs4 to Rs59,162 per 10 grams as speculators reduced their positions. However, silver futures jumped Rs8 to Rs71,045 per kilogram as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded lower by Rs4 or 0.01 per cent at Rs59,162 per 10 grams in a business turnover of 13,691 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.09 per cent lower at $1,932.60 per ounce in New York.
On MCX, silver contracts for December delivery gained Rs8 or 0.01 per cent to Rs71,045 per kg in 20,732 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 0.04 per cent lower at $22.76 per ounce in New York.
