Gold futures increase on spot demand

New Delhi: Gold prices rose Rs 890 to Rs 1,60,599 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for April delivery traded higher by Rs 890, or 0.56 per cent, at Rs 1,60,599 per 10 grams in a business turnover of 7,735 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.

Globally, gold futures rose 0.26 per cent to $5,199.66 per ounce in New York. Silver prices rose 3.17 per cent to Rs 2.67 lakh per kg in the futures trade, amid renewed uncertainty over US trade policy.

The white metal for March delivery increased Rs 8,231, or 3.17 per cent, to Rs 2,67,900 per kilogram in a business turnover of 3,352 lots. Fresh positions built up by participants led to a rise in silver prices, analysts said.