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Precious metals: Gold, silver futures rise amid firm trend overseas

New Delhi: Gold prices on Wednesday rose by Rs 83 to Rs 38,410 per 10 gram in futures trade as speculators widened their bets, tracking a firm trend overseas.

On the Multi Commodity Exchange, gold contracts for February next year traded higher by Rs 83, or 0.22 per cent, at Rs 38,410 per 10 gram in a business turnover of 18,345 lots.

The yellow metal contracts for April next year traded higher by Rs 83, or 0.22 per cent, at Rs 38,467 per 10 gram in a business turnover of 1,849.

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants taking positive cues from global markets.

Globally, gold prices rose 0.30 per cent to $1,488 an ounce in New York.

Silver

Silver futures on Wednesday traded higher by Rs 297 at Rs 45,591 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for March delivery rose by Rs 297, or 0.66 per cent, to Rs 45,591 per kg in a business turnover of 10,821 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in May shot up by Rs 269, or 0.59 per cent, to Rs 46,098 per kg in 128 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 0.62 per cent higher at $17.36 an ounce in New York.

Source: Economic Times