Futures recover on firm spot demand

Gold futures on Wednesday rose Rs53 to Rs60,400 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. Silver futures jumped Rs205 to Rs70,839 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded higher by Rs53 or 0.09 per cent at Rs60,400 per 10 grams in a business turnover of 12,767 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.03 per cent to $1,974.10 per ounce in New York.

On MCX, silver contracts for December delivery increased Rs205 or 0.29 per cent to Rs70,839 per kg in 22,845 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 0.27 per cent higher at $22.65 per ounce in New York.