Gold futures surge high, silver rises on global cues
Gold futures surge by Rs 119, silver up by Rs 285 per kg
New Delhi: Gold prices rose by Rs 119 to Rs 26,638 per 10 grams in futures trade on February 13 as speculators created fresh positions on cues from overseas markets. At the Multi Commodity Exchange, gold for delivery in April was up by Rs 119, or 0.45 per cent, to Rs 26,638 per 10 grams, with a business turnover of 698 lots.
Similarly, the metal for delivery in June moved up by Rs 108, or 0.40 per cent, to Rs 26,789 per 10 grams, with a trade volume of six lots. Marketmen said fresh positions built-up by speculators in line with global trend as falling retail sales in the US cast doubt on the pace of growth in the world’s largest economy, boosting demand for a safe-haven, mainly led to a rise in gold futures.
Globally, gold in Singapore traded 0.5 per cent higher at USD 1,227.76 an ounce in early trade on February 13. Silver prices went up by a whopping Rs 285 to Rs 37,510 per kg in futures trade today after participants built-up speculative positions, largely driven by a firming trend overseas. At the Multi Commodity Exchange, silver for delivery in March shot up by Rs 285, or 0.77 per cent, to Rs 37,510 per kg in a business turnover of 859 lots.
Similarly, the white metal for delivery in May rose by Rs 281, or 0.75 per cent, to Rs 37,746 per kg in 27 lots. Market analysts attributed the rise in silver prices at futures trade to a firming trend in the global markets as falling retail sales in the US cast doubt on the pace of growth in the world’s largest economy, boosting demand for a safe haven. Meanwhile, silver advanced 0.70 per cent to USD 16.96 an ounce in Singapore.