Mutual Fund

Gold futures rise 0.38% on fresh bets

Gold prices on Monday rose 0.38 per cent to Rs 31,968 per 10 grams in futures trade as participants created fresh positions, tracking firm trend overseas. At the Multi Commodity Exchange, gold for delivery in December rose by Rs 122 — or 0.38 per cent — to Rs 31,968 per 10 grams in a business turnover of 227 lots. Also, the delivery in February contracts gained Rs 119, or 0.37 per cent at Rs 32,200 per 10 gram in business volume of 36 lots. Analysts said fresh positions were created by traders in line with firm global trend as Asian stocks eased due to concerns about a potential decline in China’s economic growth amid ongoing trade war and signs of tightening monetary policy by the US Federal Reserve. Globally, gold rose USD 4, or 0.33 per cent to USD 1,222.50 an ounce in Singapore. Silver prices rose by Rs 147 to Rs 39,087 per kg in futures trade Monday on speculative buying by investors following its gains in overseas markets. At the Multi Commodity Exchange, silver for delivery in November spurted by Rs 147, or 0.38 per cent, to Rs 39,087 per kg in a business turnover of 650 lots.

The white metal for delivery in December was trading higher by Rs 142 or 0.36 per cent to Rs 39,060 per kg in 189 lots. Analysts said speculative buying driven by firm global trend lifted silver prices at futures trade. Meanwhile, crude oil rose 1.62 per cent to Rs 5,333 per barrel in futures market as speculators created fresh bets, taking positive cues from Asian markets. At the Multi Commodity Exchange, crude oil for delivery in November contracts was trading notably higher by Rs 85, or 1.62 per cent, to Rs 5,333 per barrel in a business turnover of 256 lots. In a similar fashion, crude to be delivered this month was up by Rs 82, or 1.56 per cent, to Rs 5,325 per barrel with a business turnover of 1,250 lots. Analysts said, speculators built fresh positions after oil prices rose in Asia following rising diplomatic tensions between Riyadh and the West, giving lift to crude oil prices in futures trade.

Leave a Reply

Your email address will not be published. Required fields are marked *