New Delhi| Agencies: Gold prices on Tuesday rose by Rs 104 to Rs 45,885 per 10 gram in futures trade on firm spot demand.

On the Multi Commodity Exchange, gold contracts for June traded 0.23 per cent or Rs 104 higher to Rs 45,885 per 10 gram.

The precious yellow metal for August delivery edged 0.26 per cent or Rs 119 up to Rs 46,125 per 10 gram.

Fresh positions built up by participants mainly led to the rise in gold prices, analysts told PTI.

In the global markets, spot gold was up 0.5 per cent at USD 1,705 per ounce, while US gold futures rose 0.7 per cent to USD 1,710.40.

"We're seeing a little softness in the dollar this morning which is providing some support for gold," OANDA analyst Craig Erlam told Reuters.

"Broadly speaking, little has changed for gold. It continues to consolidate around $1,700 per ounce and has done so for weeks. There's little to suggest this is going to change in the near-term," it added.

Meanwhile, markets are keeping an eye on China-US trade relations after President Donald Trump said he was not interested in re-negotiating phase I trade deal.

Spot gold markets remained shut on Tuesday due to countrywide lockdown to prevent spreading of COVID-19 virus infections.

Silver prices also rose 0.08 per cent to Rs 43,265 per kg in futures trade as participants widened their bets on firm spot demand.

On the MCX, silver contracts for July delivery gained 0.08 per cent or Rs 35 to Rs 43,265 per kg.

Similarly, the white metal for September delivery was trading higher 0.22 per cent or Rs 94 at Rs 43,750 per kg.

In the international market, silver was quoting 0.1 per cent higher at USD 15.54 per ounce in New York.

Elsewhere, palladium dropped 0.9 per cent to to USD 1,878.69 per ounce, while platinum gained 1.8 per cent to USD 770.29.

 

(with Reuters, PTI inputs)

Posted By: James Kuanal