Due to spot demand, futures prices of gold and silver gained momentum today. At the same time, the prices of crude oil futures declined. There was also a similar situation in the bullion market where the brightness of gold has increased slightly before, while silver has become stronger. Market analysts said that fresh futures buying by traders led to rise in gold futures. However, gold was trading at $ 1,819.90 an ounce in the international market, New York, declining by 0.18 per cent.
Also read: Gold Price Latest: slight changes in the prices of gold and silver, know today’s rate in bullion market
On spot buying by fresh speculators due to strong spot demand, gold rose by Rs 132 to Rs 47,373 per 10 grams in futures trade on Tuesday. On the Multi Commodity Exchange, gold futures delivered in April rose by Rs 132, or 0.28 per cent, to Rs 47,373 per 10 grams. It traded for 12,472 lots.
Crude oil futures fall due to weak demand
Due to weak spot demand, traders cut their deals, as the price of crude in the futures market fell by 0.14 per cent to Rs 4,363 per barrel on Tuesday. At the Multi Commodity Exchange, the price of crude oil for delivery in February fell by Rs 85, or 0.14 per cent, to Rs 4,363 per barrel. It traded for 3,385 lots. Globally, West Texas Intermediate crude was up 0.76 percent at $ 59.92 a barrel in New York, while Brent crude was down 0.09 percent at $ 63.24 a barrel.
Silver strengthens in futures trade
Silver futures rose by Rs 92 to Rs 70,221 per kg in the futures market on Tuesday as traders increased the size of their deals due to strong spot demand. At the Multi Commodity Exchange, silver for delivery in March rose by Rs 92, or 0.13 per cent to Rs 70,221 per kg with a turnover of 13,034 lots. Market analysts said the main reason for the rise in silver prices was the buying of fresh deals by traders due to the trend in the domestic market. Globally, silver was trading up 1.20 percent at $ 27.66 an ounce in New York.