Gold Price Zooms Up on Global Market Signs

NEW YORK (Scrap Monster) : Gold price yesterday was found to climb up sharply by Rs. 285 to Rs. 30,375 per 10 grams in futures trade on speculations on global market cues.  The trade was found to surge followed by the speculators that created fresh positions of global market signs. Gold for April Delivery at the Multi Commodity Exchange was found to mount up by 0.98 % or Rs. 285, settling at 30,375 per 10 grams. The business turnover was found to reach at 967 lots. Gold for June Delivery was found to climb up by 0.92 % or Rs. 272 to settle at Rs. 29,747 per 10 grams. The trade volume was found to reach at 32 lots.

According to traders, the tensions at Ukraine regarding the Russian military action are one of the reasons for the fresh positions that have been formed by speculators on gold and the rise of gold futures. Gold in Singapore today was found to trade at 1.40 % higher at $ 1,344.87 an ounce in early trade.

Regarding silver futures, it was also found to mount up on global cues. The price of silver today was found to climb by Rs. 538 to Rs. 46,900 per kg in future trade. The price of silver was also triggered by the speculative positions of the overseas trend. Silver for March Delivery went up by Rs. 538, climbing 1.16 % to reach Rs. 46,900 per kg. It created a business turnover of 261 lots. Silver for May Delivery was found to increase by 1.16 % to Rs. 548, reaching Rs. 47,825 per kg in 929 lots. Rise in silver price was also attributed to the Ukraine tension by boosting its demand for a safe haven. Silver in Singapore trading was found to advance by 1.10 % to reach $ 21.46 an ounce, reporting an 11 % increase in Feb. since October.