Gold futures climb Rs 168, silver up Rs 221 on positive global cues

Gold rose 0.57 per cent to USD 1,298 an ounce in Singapore today. (Reuters)

Gold prices were up by Rs 168 to Rs 29,879 per 10 gram in futures trade today as speculators created positions amid positive cues from the global market. At the Multi Commodity Exchange, gold for delivery in far-month December shot up by Rs 168, or 0.57 per cent, to Rs 29,879 per 10 gram, in a business turnover of 45 lots. The metal for delivery in October was trading higher by Rs 167, or 0.56 per cent, to Rs 29,731 per 10 gram in a turnover of 827 lots.

According to analysts, a firming trend overseas where gold rebounded from a four-week low as the latest twist in tensions between the US and North Korea prompted investors to seek out the safe-haven asset, influenced the precious metal in futures trade here. US President Donald Trump yesterday said that he was putting more sanctions on North Korea, the country which has been carrying ballistic missile and nuclear tests in violation of the UN Security Council resolutions. Meanwhile, gold rose 0.57 per cent to USD 1,298 an ounce in Singapore today.

Silver prices went up by a whopping Rs 221 to Rs 40,054 per kg in futures trading today as participants widened their positions, tracking a firm trend in global market. At the Multi Commodity Exchange, silver for delivery in December was trading notably higher by Rs 221, or 0.55 per cent, to Rs 40,054 per kg, in a business turnover of 607 lots. Similarly, the white metal for delivery in March 2018 was up by Rs 203, or 0.50 per cent, to Rs 40,595 per kg in 10 lots.

Analysts attributed the rise in silver prices in futures trade to expanding of positions by speculators, tracking a firm trend in the precious metals overseas as the latest twist in tensions between the US and North Korea prompted investors to seek out the safe-haven asset. Globally, silver rose 0.59 per cent to USD 17.03 an ounce in Singapore today.