Precious Metals: Gold, silver rise in futures trade amid strong demand

Singapore (Jan 30)  Gold prices on Thursday rose by Rs 224 to Rs 40,574 per 10 gram in futures trade as speculators widened their bets in line with positive overseas trend.

On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 224, or 0.56 per cent, to Rs 40,574 per 10 gram in a business turnover of 1,145 lots.

The yellow metal for April delivery edged up by Rs 199, or 0.49 per cent, at Rs 40,775 per 10 gram in a business turnover of 1,535 lots.

Fresh positions built up by participants taking positive cues from global markets mostly led to the rise in gold prices, analysts said.

Globally, gold prices rose 0.45 per cent to $1,583.10 per ounce in New York.

Silver 

Silver prices on Thursday rose by Rs 313 to Rs 45,864 per kg in futures trade as participants widened their bets amid a firm trend in precious metal overseas.

On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 313, or 0.69 per cent, to Rs 45,864 per kg in 3,357 lots.

Similarly, the white metal for delivery in May was trading higher by Rs 327, or 0.71 per cent, to Rs 46,400 per kg in 34 lots.

Traders said fresh bets by participants in line with a firm trend in global markets mainly led to rise in silver futures.

In the international market, silver was up 0.59 per cent at $17.59 an ounce in New York.

ETmarkets