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Precious Metals: Gold, silver trade up in futures amid strong demand

Gold prices on Monday rose Rs 87 to Rs 37,860 per 10 gram in futures trade.

PTI|
Last Updated: Dec 16, 2019, 02.39 PM IST|Original: Dec 16, 2019, 02.39 PM IST
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Silver futures on Monday traded higher by Rs 296 to Rs 44,422 per kg as speculators raised their bets.
Gold prices on Monday rose Rs 87 to Rs 37,860 per 10 gram in futures trade as speculators widened their bets on spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 87, or 0.23 per cent, at Rs 37,860 per 10 gram in a business turnover of 16,061 lots.

Gold for delivery in April next year also edged up by Rs 117, or 0.31 per cent, to Rs 37,923 per 10 gram in 3,021 lots.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on spot demand.

However, gold price was quoting 0.10 per cent down at $ 1,479.70 an ounce in New York.

Silver
Silver futures on Monday traded higher by Rs 296 to Rs 44,422 per kg as speculators raised their bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by Rs 296, or 0.67 per cent, to Rs 44,422 per kg in a business turnover of 11,746 lots on the Multi Commodity Exchange.

Besides, the white metal for May delivery shot up by Rs 388, or 0.87 per cent, to Rs 44,913 per kg in 205 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.

In the international market, silver traded 0.22 per cent higher at $ 17.05 an ounce in New York.

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