Precious metals gain in futures trade

Gold and silver prices climbed in the futures trade, tracking firm global trends, as weak US macroeconomic data fuelled expectations of an interest rate cut by the Federal Reserve next month.

On the Multi Commodity Exchange (MCX), gold futures for December delivery jumped by Rs 475, or 0.38 per cent, to Rs 1,25,700 per 10 grams in a business turnover of 7,926 lots.

Silver futures too gained on the commodities bourse, with the white metal for December delivery surging by Rs 1,388, or 0.89 per cent, to Rs 1,57,709 per kilogram in 8,239 lots.

“Gold and silver prices jumped as delayed US economic data boosted expectations of a December Fed rate cut,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.