Futures recover on firm spot demand

Gold futures rose Rs106 to Rs62,582 per 10 grams as speculators created fresh positions on firm spot demand. Silver futures rose Rs186 to Rs75,010 per kilogram as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded higher by Rs106 or 0.17 per cent at Rs62,582 per 10 grams in a business turnover of 15,328 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.18 per cent to $2,055.70 per ounce in New York.

On MCX, silver contracts for March delivery increased Rs186 or 0.25 per cent to Rs75,010 per kg in 14,120 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 0.88 per cent higher at $24.41 per ounce in New York