Gold prices rose by Rs 18 to Rs 21,477 per 10 grams in futures trading on Wednesday as speculators enlarged their positions after the precious metal climbed to a record high.
Silver futures prices also shot up by 0.59 per cent to Rs 59,177 per kg as speculators created fresh positions after white metal climbed to a 31-year high in global market.
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 18, or 0.08 per cent, to Rs 21,477 per 10 grams, with a business turnover of six lots. The yellow metal for delivery in June gained Rs 15, or 0.07 per cent, to Rs 21,177 per 10 grams, with an open interest of eight lots.
At the Multi Commodity Exchange, silver for delivery in September gained Rs 343, or 0.59 per cent, to trade at Rs 59,177 per kg, with a business turnover of a single lot. Similarly, silver for delivery in September gained Rs 343, or 0.59 per cent, to trade at Rs 59,177 per kg, with a business turnover of a single lot.
Analysts attributed the rise in gold futures to a firming trend in the global market, where gold galloped to a new high as fighting in Libya and concerns about European debt spurred demand for an alternative investment.
Meanwhile, gold surged to an all-time high of USD 1,458.50 an ounce in New York on Tuesday.