Gold futures up Rs 170 ahead of FOMC minutes
Zee Media Bureau
New Delhi: Gold prices in futures trade rose by Rs 170 to Rs 26,180 per 10 grams in afternoon trade Wednesday as speculators enlarged positions, largely in tandem with a firming trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in August traded up by Rs 170 to Rs 26,180 per ten grams as against its previous close of Rs 26,010.
Similarly, silver for delivery in July spurted by Rs 119 to Rs 40,287 per kg from Rs 40,168 on Tuesday.
Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as physical gold purchases picked up at lower prices.
Gold price in overseas markets, last traded up 0.25 percent or USD 3.10 at USD 1,254.80 an ounce, after hitting a one-week high of USD 1,260.01 on Tuesday.
Market players are now awaiting minutes from the Federal Reserve June policy meeting later in the day. Fed Chairman Ben Bernanke is also due to speak at a conference.
In New York, gold for August delivery rose USD 11 or 0.9 percent to settle at USD 1,245.90 an ounce on the Comex division of the NYMEX.
With Agency Inputs