Futures continue to recover on fresh positions
Gold futures jumped Rs116 to Rs62,295 per 10 grams as speculators created fresh positions on firm spot demand. Silver prices jumped Rs263 to Rs72,310 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded higher by Rs116, or 0.19 per cent, at Rs62,295 per 10 grams in a business turnover of 10,371 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.40 per cent to $2,041.20 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs263, or 0.37 per cent, to Rs72,310 per kg in 24,327 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 0.62 per cent higher at $23.24 per ounce in New York.