Gold prices rose sharply by Rs 246 to Rs 29,016 per 10 grams at the futures trading today as speculators enlarged positions on positive cues from overseas markets.
On the Multi Commodity Exchange, gold for delivery in October rose Rs 246 or 0.86 per cent to Rs 29,016 per 10 grams in a business turnover of 260 lots.
Similarly, the yellow metal for delivery in December moved up by Rs 212 or 0.74 per cent to Rs 28,950 per 10 grams in three lots.
Market analysts said speculators enlarged their positions on the back of a firm global trend as the demand for safe haven increased due to tensions over Ukraine and unrest in West Asia. This mainly led to rise in gold prices at the futures trade.
Meanwhile, the yellow metal traded 0.3 per cent higher at $1,316.91 an ounce in Singapore today, the highest since July 21.
Similarly, silver prices moved up by 0.7 per cent to Rs 44,120 per kg at the futures trade today as speculators created fresh positions amid higher global trend.
On the Multi Commodity Exchange, silver for delivery in September gained Rs 304 or 0.7 per cent to Rs 44,120 per kg in a business turnover of 373 lots.
Similarly, the white metal for delivery in December moved up by Rs 307 or 0.69 per cent to Rs 44,954 per kg in nine lots.
Analysts said speculators created fresh positions in tandem with higher global trend as worsening geopolitical tensions raised the demand for a safe-haven, pushing silver prices higher at the futures trade.
Meanwhile, silver rose 0.33 per cent to $20.01 an ounce in Singapore.