Gold, Silver futures move up on global cues…

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Tracking a firm global trend, gold prices rose 0.55 per cent to Rs. 27,119 per ten gram at the futures trade today as speculators enlarged positions. On the Multi Commodity Exchange, gold for delivery in December moved up by Rs. 147 or 0.55 per cent toRs. 27,119 per ten gram in a business turnover of 1,800 lots.

On similar lines, gold for delivery in February traded higher by Rs. 149 or 0.55 per cent to Rs. 27,260 per ten gram in 24 lots. Analysts attributed the rise in gold futures to a firm global trend where the metal traded at nearly four-week high.

Speculation that the US Federal Reserve may delay raising the borrowing costs on slowing global growth hurt the dollar and boosted the demand for safe-haven. Meanwhile, gold traded higher at $1,236.12 an ounce from $1,235.87 yesterday in Singapore.

Silver prices went up by 0.95 per cent to Rs. 38,700 per kg at the futures trade today as speculators enlarged positions, taking positive cues from overseas markets. On the Multi Commodity Exchange, silver for delivery in December rose Rs. 364 or 0.95 per cent to Rs.38,700 per kg in a business turnover of 3,482 lots.

Similarly, the white metal for delivery in far-month March 2015 gained Rs. 354 or 0.88 per cent to Rs.39,335 per kg in 33 lots. Analysts said the rise in silver prices at the futures trade was mostly in tandem with a firm trend overseas as speculation that the US Federal Reserve may delay raising the borrowing costs on slowing global growth, adversely affected the dollar and boosted the demand for the industrial metal.

Meanwhile, silver moved up to $17.49 an ounce from $17.48 yesterday in Singapore.

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