Gold Rate | Precious Metals: Gold, silver trade higher in futures driven by firm demand

Gold prices on Tuesday rose by Rs 34 to Rs 37,905 per 10 gram in futures trade as speculators widened their bets on spot demand, tracking a positive trend overseas.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 34, or 0.09 per cent, at Rs 37,905 per 10 gram in a business turnover of 1,595 lots.

Gold for delivery in April next year also edged up by Rs 20, or 0.05 per cent, at Rs 37,972 per 10 gram in a business turnover of 74 lots.

Analysts said the rise in gold prices was mostly on the back of fresh positions built by participants on strong overseas trend.

Globally, gold price was quoting 0.08 per cent up at $1,481.70 an ounce in New York.


Silver


Silver futures on Tuesday traded higher by Rs 57 at Rs 44,550 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by Rs 57, or 0.13 per cent, to Rs 44,550 per kg in a business turnover of 2,185 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in May shot up by Rs 124, or 0.28 per cent, to Rs 45,055 per kg in 205 lots.

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

In the international market, silver traded 0.04 per cent higher at $17.13 an ounce in New York.

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