Delhi. In futures trade on Friday, the price of gold jumped by Rs 1,997 to Rs 1.41 lakh per 10 grams. Gold prices have increased due to strength in global markets and buying at lower levels after heavy fall.
On the Multi Commodity Exchange (MCX), the price of contract for delivery in the month of April increased by Rs 1,997, or 1.43 percent, to Rs 1,41,490 per 10 grams. It closed at Rs 1,39,493 with a fall of Rs 4,604, or 3.2 percent, in the evening session on Thursday.
Similarly, the price of June delivery contract also increased by Rs 1,811 or 1.27 percent to reach Rs 1,44,325 per 10 grams. In the previous session, gold futures had fallen by Rs 4,926 or 3.34 percent to Rs 1,42,514 per 10 grams. Commodity markets were closed in the morning session on Thursday on the occasion of Ram Navami and trading resumed in the evening session.
In the international market, the price of gold for April delivery on Comex increased by $ 89.1 or 2.04 percent to $ 4,465.4 an ounce. At the same time, the June contract also reached $ 4,489.55 an ounce with an increase of $ 80.55 or 1.83 percent.
“After a sharp fall in the previous session, gold climbed above $4,400 an ounce as US President Donald Trump extended the deadline given to Iran for a deal to end the war,” said Jigar Trivedi, senior research analyst at IndusInd Securities.
Silver prices rise by Rs 6,911 in futures market
In futures trade on Friday, the price of silver jumped by Rs 6,911 to Rs 2.26 lakh per kg. Silver prices rose due to investors’ confidence returning as the threat of war between America and Iran was averted for the time being.
In the Multi Commodity Exchange (MCX), the price of silver supplied in the month of May increased by Rs 6,911, or 3.14 percent, to Rs 2,26,785 per kg. In the evening session on Thursday, silver futures were down by Rs 14,960 or 6.37 percent at Rs 2,19,874 per kg.
Commodity markets were closed in the morning session on Thursday on the occasion of Ram Navami and opened for trading in the evening session. In the international market, the future price of silver for the May contract in New York’s Comex (commodity market) rose by $ 2.02, or three percent, to $ 69.96 an ounce.
Renisha Chainani, head of research at Augmont, said silver prices have improved following US President Donald Trump’s decision to pause military attacks on Iran’s energy infrastructure for 10 days.
However, Trump’s warning of strong military action after Iran’s rejection of peace talks curbed the precious metals’ rally.” According to him, silver currently remains above the key support level of $66 an ounce (about Rs 2.19 lakh per kg) and is likely to remain in the range of $66-75 in the near future.
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