Global gold demand plunges, India bucks trend with double digit growth
Gold futures rose Rs581 to Rs57,452 per 10 grams as speculators created fresh positions on firm spot demand. Silver futures too jumped Rs479 to Rs68,649 per kilogram as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs581 or 1.02 per cent at Rs57,452 per 10 grams in a business turnover of 15,334 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 1.03 per cent higher at $1,864.20 per ounce in New York.
On MCX, silver contracts for December delivery gained Rs479 or 0.7 per cent to Rs68,649 per kg in 26,573 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 0.22 per cent higher at $21.77 per ounce in New York.
