Gold, silver futures up on higher demand

Gold prices on Monday rose 0.55 per cent to Rs 38,870 per 10 gram in futures trade as speculators built fresh positions.

At the Multi Commodity Exchange, gold for delivery in October traded higher by Rs 214, or 0.55 per cent, to Rs 38,870 per 10 gram in a business turnover of 605 lots.

Analysts said gold prices rose mainly due to higher demand by the participants.

Silver contracts for September delivery traded higher by Rs 368, or 0.79 per cent, at Rs 47,110 per kg in a business turnover of 103 lots on the exchange.

Similarly, the white metal to be delivered in December rose by Rs 447, or 0.94 per cent, to Rs 48,170 per kg in 1,126 lots.

Globally, gold was trading higher by 0.26 per cent at USD 1,533.40 an ounce, and silver rose 0.62 per cent to USD 18.45 an ounce in New York.