Gold, Silver Prices Climb on Spot Demand

In the futures market on Monday, gold prices rose Rs 178 to Rs 47,929 per 10 gram as speculators opened new positions on firm spot demand, while silver prices rose Rs 781 to Rs 72,210 per kg as participants increased their bets on firm spot demand.

Nickel futures prices dropped 0.13 per cent to Rs 1,332.60 per kg on Monday, as traders unloaded their positions due to poor demand in the spot market. As speculators established new positions amid a positive trend in the spot market, aluminium prices rose 1.89 per cent to Rs 204.55 per kg. On strong spot demand, zinc prices rose 0.72 pe rcent to Rs 238.95 per kg. On the back of a pick-up in spot demand, copper prices rose 2.69 per cent to Rs 808.40 per kg.

On the Multi Commodity Exchange, gold contracts for the June delivery traded higher by Rs 178, or 0.37 per cent, at Rs 47,929 per 10 gram in a business turnover of 9,676 lots. Silver contracts for July delivery gained Rs 781, or 1.09 per cent, to Rs 72,210 per kg in 11,011 lots, nickel contracts for the May delivery traded lower by Rs 1.80, or 0.13 per cent, to Rs 1,332.60 per kg with a business turnover of 1,690 lots, aluminium contracts for the May delivery gained Rs 3.80, or 1.89 per cent, to Rs 204.55 per kg in a business turnover of 2,167 lots, zinc contracts for the May delivery rose Rs 1.70, or 0.72 per cent, to Rs 238.95 per kg in 2,418 lots, copper contracts for delivery in May traded higher by Rs 21.15, or 2.69 per cent, at Rs 808.40 per kg in a business turnover of 5,382 lots.

Globally, in New York, gold prices were 0.21 per cent higher at $1,835.20 per ounce, while silver prices were 1.05 per cent higher at $ 27.77 per ounce.