Besides, covering up of short positions by speculators and increased demand at spot markets ahead of festive season also influenced gold futures prices here, traders said. (Agencies)
At the Multi Commodity Exchange, metal prices for delivery in October gained Rs 122, or 0.42 percent, to trade above Rs 29,000 level at Rs 29,045 per ten gram in a turnover of 422 lots.
On the similar lines, the metal prices for delivery in far-month December edged up by Rs 111, or 0.39 percent, to Rs 28,903 per 10 gm, clocking a business volume of 21 lots.
In the national capital, gold prices went up by Rs 405 to Rs 29,260 per ten gram in yesterday's trade on the back of increased buying ahead of festivals like Rakshabandhan.
Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets where it climbed to this month's highest level and rising demand at domestic spot markets.
Globally, gold rose USD 22.60, or 1.72 percent, to trade at USD 1,337.30 an ounce in New York on Monday.
Silver futures regain Rs 47,000 per kg level after 4 months
Tracking a firming trend overseas, silver prices rose by 0.41 percent to trade at nearly four-month high of Rs 47,024 per kg in futures trade on Tuesday as speculators created huge positions.
At the Multi Commodity Exchange, silver prices for delivery in far-month December contracts rose by Rs 190, or 0.41 percent, to Rs 47,024 per kg, a level last seen in April, in business turnover of 98 lots.
Similarly, the white metal prices for delivery in September traded Rs 172, or 0.38 per cent, higher at Rs 46,033 per kg in a turnover of 1,748 lots.
Market analysts said besides short-covering by speculators, gains in the precious metals in the overseas markets and domestic spot markets, attributed rise in silver prices at futures trade here.
Globally, silver gained as much as much 4.23 percent to USD 21.43 an ounce in New York in Monday’s trade.
Besides, covering up of short positions by speculators and increased demand at spot markets ahead of festive season also influenced gold futures prices here, traders said.