Futures rise on firm spot demand

Gold futures increased by Rs129 to Rs58,419 per 10 gram as speculators created fresh positions on firm spot demand. Silver futures too climbed Rs332 to Rs70,350 per kilogram as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs129 or 0.22 per cent at Rs58,419 per 10 grams in a business turnover of 13,653 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.41 per cent higher at $1,923 per ounce in New York. On MCX, silver contracts for September delivery gained Rs332 or 0.47 per cent to Rs70,350 per kg in 14,713 lots.