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Gold futures rose by 0.63 percent, silver futures shed 0.80 percent

Gold futures rose by 0.63 per cent to Rs 27,884 per 10 grams today as speculators created fresh positions on the back of a firming trend overseas.

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 174 or 0.63 per cent to Rs 27,884 per 10 grams, with a business turnover of 297 lots.

Likewise, the metal for delivery in February gained Rs 168 or 0.61 per cent to Rs 27,550 per 10 grams, with a trading volume of 6,240 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas on geopolitical tensions over Iran, spurring investors to buy the precious metal as a haven.

Meanwhile, gold rose by 1.10 per cent to $1,583.60 an ounce in Singapore.

Silver futures traded 0.80 per cent lower at Rs 53,803 per kg today after speculators offloaded their holdings, taking weak cues from global markets.
At the Multi Commodity Exchange, silver for delivery in May fell by Rs 435, or 0.80 per cent, to Rs 53,803 per kg, with a business turnover of 150 lots.
In a similar fashion, the metal for delivery in March lost Rs 416, or 0.78 per cent, to Rs 52,693 per kg, with a trade volume of 4,680 lots.
Analysts said offloading of positions by speculators in tandem with a weak trend in Asia after recent gains weighed on the silver futures prices here.
Meanwhile, silver fell 1.2 per cent to USD 29.31 an ounce in Singapore in early trade today. – PTI

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Posted by on Jan 4 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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