Precious Metals: Gold, silver futures surge on firm global cues

Source: economictimes.indiatimes.com

New Delhi: Gold prices rose 0.53 per cent to Rs 34,347 per 10 gram in futures trade Monday as traders raised bets amid positive cues from domestic market.

Gold to be delivered by August was trading higher by Rs 180, or 0.53 per cent, to Rs 34,347 per 10 gram in a business turnover of 18,493 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in September contracts also gained Rs 194, or 0.56 per cent, to Rs 34,550 per 10 gram in 4,699 lots.

Analysts attributed the rise in the precious metal to widening of positions by participants in line with a firm trend at the domestic market.

Meanwhile, gold was trading a shade lower by 0.18 per cent at USD 1,282.54 an ounce in Singapore.

Silver futures rose 0.37 per cent to Rs 38,095 per kg Monday after speculators raised bets, driven by a firm trend overseas.

Silver for delivery in July contracts traded higher by Rs 141, or 0.37 per cent, to Rs 38,095 per kg in a business turnover of 12,750 lots on the Multi Commodity Exchange.

In a similar manner, the white metal to be delivered in September contracts advanced by Rs 149, or 0.39 per cent, to Rs 38,559 per kg in 7,842 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals influenced silver prices at futures trade here.

In the international market, silver traded higher by 0.59 per cent at USD 15.46 an ounce in Singapore.