Precious Metals: Gold, silver futures up on global cues, spot demand

New Delhi: Gold prices rose by Rs 221 to Rs 38,462 per 10 gram in futures trade on Tuesday driven by high demand at physical markets and firm global trends.

On the Multi Commodity Exchange (MCX), the most-traded October contract of the metal rose by Rs 221, or 0.58 per cent, to Rs 38,462 per 10 gram in a business turnover of 4,928 lots.

The yellow metal for delivery in December also rose by Rs 279, or 0.72 per cent, to Rs 39,130 per 10 gram in a business turnover of 587 lots.

Market analysts said the precious metal advanced in physical markets which supported the futures prices.

Globally, gold rose 1.07 per cent at USD 1,533.50 an ounce in New York.

Silver

Silver prices rose 1.77 per cent to Rs 44,440 per kg at futures trade on Tuesday due to fresh positions created by speculators.

On the Multi Commodity Exchange, silver for delivery in most-traded September delivery went up by Rs 774, or 1.77 per cent, to Rs 44,440 per kg in a business turnover of 8,382 lots.

Similarly, the white metal for delivery in December contracts was trading higher by Rs 887, or 1.97 per cent, to Rs 45,822 per kg in a business turnover of 948 lots.

Market analysts attributed the rise in silver futures to fresh positions created by participants owing to an uptick in demand at the spot market.