Gold futures rise on firm spot demand
New Delhi: Gold prices rose Rs100 to Rs63,850 per 10 grams in the national capital on Wednesday amid a bullish trend in the global markets, according to HDFC Securities. In the previous close, the precious metal had closed at Rs63,750 per 10 grams.
However, silver plunged Rs350 to Rs79,100 per kilogram, while it had finished at Rs79,450 per kg in the previous trade. Saumil Gandhi, senior analyst of commodities at HDFC Securities, said gold prices edged higher on Wednesday, in the Delhi markets trading at Rs63,850/10 grams, up by Rs100 following a bullish trend in the overseas markets.
In the futures trade on the MCX, the February contract of gold jumped Rs334 to Rs63,359 per 10 grams. Also, the March contract of silver bounced Rs109 to Rs75,135 per kilogram on the bourse. In the international markets, gold was trading higher at $2,067 per ounce, while silver was down at $24.15 per ounce. “Gold prices continue to inch higher, as soft inflation data fuelled more bets on early interest rate cuts in 2024 and weighed on the dollar index and US treasury yields,” Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.
Gold futures rise Rs285
New Delhi: Gold prices on Wednesday jumped Rs285 to Rs63,310 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 285 or 0.45 per cent at Rs63,310 per 10 grams in a business turnover of 15,709 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.42 per cent to $2,078.40 per ounce in New York.
