Gold prices on Wednesday rose Rs 229 to Rs 49,096 per 10 gram in the futures trade as speculators created fresh positions on a firm spot demand.
On the Multi Commodity Exchange, gold contracts for the June delivery traded higher by Rs 229, or 0.47 percent, at Rs 49,096 per 10 gram in a business turnover of 5,531 lots.
Fresh positions built up by participants led to the rise in gold prices, analysts said.
Gold prices traded 0.55 percent higher at $1,911 per ounce in New York.
Silver prices rose Rs 382 to Rs 72,522 per kg in the futures trade on Wednesday as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange, silver contracts for the July delivery gained Rs 382, or 0.53 per cent, to Rs 72,522 per kg in 10,870 lots.
Analysts said the rise in silver prices was mostly due to fresh positions built by participants on a positive domestic trend.
Globally, silver was trading 0.62 percent higher at $28.23 per ounce in New York.
Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd, said, MCX GOLD June future has erased all its losses and closed at the higher end of the consolidation range 48,150-48,900 amid dovish Fed comments. Key support for the day is at 48,415 followed by 48,150.On the upside 48950(61.8% Fibonacci level) holds initial resistance, followed by 49,250. The gain in the strength index has also strengthened the bull case in gold.
The price has to move beyond 48,950, to resume its up trend towards 49,250, followed by 49,550. For the day, price is expected to move in the range of 48,415-49,250 with sideways to bullish bias. Only close below 48,150 would change the trend to neutral.
MCX SILVER July future witnessed a quick rebound from the key support of 70900(Mid Line of Bollinger Band) and closed above the 8 day EMA. Price also got support from the lower band of the bullish trend channel and strong RSI. RSI on the daily charts is hovering around the 60 mark supporting the bull case. The key resistance for July future exists around 73,300, followed by 74,450 (previous high). As long as the 70,900-70,600 zone holds, price is expected to test the higher band of the range near 74,450. Hence, we expect silver to trade in the range of 70,900-74,400 with a sideways to positive bias.
(With PTI inputs)