Precious metals: Gold, silver futures gain on firm trend overseas

New Delhi: Gold prices on Monday rose by Rs 122 to Rs 38,113 per 10 gram in futures trade as speculators widened their bets in line with positive overseas trend.

On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 122, or 0.32 per cent, at Rs 38,113 per 10 gram in a business turnover of 1,481 lots.

The yellow metal for April delivery also traded higher by Rs 108, or 0.02 per cent, at Rs 38,178 per 10 gram in a business turnover of 49 lots.

Fresh positions built up by participants, taking positive cues from global markets, mostly led to the rise in gold prices, analysts said.

Globally, gold prices rose 0.28 per cent to $1,485 per ounce in New York.

Silver

Silver futures on Monday traded higher by Rs 251 to Rs 45,155 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by Rs 251 to Rs 45,155 per kg in a business turnover of 2,654 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in May jumped by Rs 290 to Rs 45,637 per kg in 20 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 0.59 per cent higher at $17.33 an ounce in New York.