Demand Surge Pushes Gold, Silver Up

Base metals show an increase in prices as speculators widened their bets on positive market cues

Demand Surge Pushes Gold, Silver Up
Demand Surge Pushes Gold, Silver Up
PTI - 31 May 2021

Gold prices climbed by Rs 210 to touch Rs 49,360 and silver gained Rs 337 to Rs 71,948 per kg in the futures trade on Monday, as firm spot demand pushed participants to widen their bets and create fresh ones.

Silver prices were 0.32 per cent higher at $28.12 per ounce, while gold prices were 0.17 per cent higher at 1,908.60 per ounce in global markets.

Copper prices on Wednesday rose by 0.67 per cent at Rs 771.60 per kg in the futures market on the back of a pick-up in the spot demand. Similarly, zinc prices gained 0.15 per cent to Rs 238.20 per kg. Aluminium prices surged by 0.46 per cent to Rs 197.30 per kg and nickel gained 0.65 per cent to Rs 1,330.50 per kg because speculators built fresh positions on rising demand from alloy makers on a firm spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in June gained Rs 5.10, or 0.67 per cent, at Rs 771.60 per kg in a business turnover of 4,059 lots, silver contracts for the July delivery traded higher by Rs 337, or 0.47 per cent, to Rs 71,948 per kg in 10,552 lots, zinc contracts for the June delivery gained 35 paise, or 0.15 per cent, to Rs 238.20 per kg in 2,275 lots, aluminium contracts for the June delivery rose 90 paise, or 0.46 per cent, to Rs 197.30 per kg in a business turnover of 2,227 lots, nickel contracts for the June delivery increased Rs 8.60, or 0.65 per cent, to Rs 1,330.50 per kg in a business turnover of 1,961 lots.

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