Daijiworld Media Network – New Delhi
New Delhi, Feb 28: Gold prices rose Rs 890 to Rs 1,60,599 per 10 grams in futures trade on Friday, February 27, as speculators built fresh positions amid firm spot demand. On the Multi Commodity Exchange, April gold contracts traded 0.56% higher in a turnover of 7,735 lots. Globally, gold futures rose 0.26% to $5,199.66 per ounce in New York.
“Gold prices remained largely range-bound, with gains capped by a firmer U.S. dollar and mixed global cues, while safe-haven demand amid geopolitical uncertainty supported sentiment,” said Gaurav Garg, research analyst at Lemonn Markets Desk.
Silver outperformed, climbing over 3% to Rs 2.67 lakh per kg in futures trade, tracking safe-haven buying amid rising geopolitical tensions and uncertainty over U.S. trade policy. On the MCX, March silver contracts surged Rs 8,231, or 3.17%, in a turnover of 3,352 lots. Overseas, Comex silver futures increased 2.06% to $90.11 per ounce. Analysts noted that industrial demand from solar and electronics sectors further underpinned silver prices, while markets remained cautious ahead of key U.S. economic data and U.S.-Iran talks.