Gold, Silver Prices Soar on Firm Spot Demand
Base metals show an increase in prices as participants widened their bets on high demand
Gold prices surged by Rs 229 to Rs 49,096 and silver gained Rs 382 to Rs 72,522 per kg in the futures trade on Monday, as participants widened their bets and created fresh bets on a strong spot demand.
Silver prices were 0.62 per cent higher at $28.23 per ounce, while gold prices were 0.55 per cent higher per ounce in global markets.
Copper prices on Wednesday rose by 0.41 per cent at Rs 748.30 per kg in the futures market on the back of a pick-up in the spot demand. Likewise, zinc prices gained 0.39 per cent to Rs 234.45 per kg. Aluminium prices surged by 0.48 per cent to Rs 189.45 per kg and nickel gained 0.48 per cent to Rs 1,257.90 per kg because speculators built fresh positions on rising demand from alloy makers on a firm spot market.
On the Multi Commodity Exchange, copper contracts for delivery in June gained Rs 3.05, or 0.41 per cent, at Rs 748.30 per kg in a business turnover of 4,414 lots, silver contracts for the July delivery rose Rs 382, or 0.53 per cent, to Rs 72,522 per kg in 10,870 lots, zinc contracts for the June delivery gained 90 paise, or 0.39 per cent, to Rs 234.45 per kg in 2,036 lots, aluminium contracts for the June delivery traded higher by 90 paise, or 0.48 per cent, to Rs 189.45 per kg in a business turnover of 1,746 lots, nickel contracts for the June delivery increased by Rs 6, or 0.48 per cent, to Rs 1,257.90 per kg in a business turnover of 2,295 lots.