Investing Gold: The Golden Pros and Tarnished Cons
Gold futures increased Rs91 to Rs58,564 per 10 grams in futures trade as speculatoss created fresh positions on a firm spot demand. Silver futures increased Rs268 to Rs71,625 per kilogram in futures trade as participants widened their bets on spot demand. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher by Rs91 or 0.16 per cent at Rs58,564 per 10 grams in a business turnover of 10,916 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.06 per cent lower at $1,926 per ounce in New York.
On MCX, silver contracts for September delivery gained Rs268 or 0.38 per cent to Rs71,625 per kg in 12,188 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants following a positive domestic trend. Globally, silver was trading 0.12 per cent higher at $23.43 per ounce in New York.
