Gold and Silver futures settled with gains on MCX

Mumbai - Gold futures settled higher on Multi Commodity Exchange on short covering from lower on Saturday. Gold, silver futures traded higher on Friday. In the international market gold traded un changed at USD1156.90/oz.

Spot gold is trading steady Friday in Europe as investors sit out of the market amid Greece uncertainty and as euro weakness weighs. The situation in Greece seems to be deteriorating and Thursday, Moody's Investors Service downgraded Greece's debt. A Greek government official said Friday that the government is expected to formally request financial support.

MCX's most active gold June contract opened Rs.12 higher at Rs.16,785/10gm and moved between Rs.16,785-Rs.16,825/10gm. The contract settled Rs.14 up at Rs.16,787/10gm. June contract volumes clocked 2804 lots.

MCX gold mini, the most active May contract opened up Rs.16 at Rs.16,698/10gm. It fluctuated between Rs.16,698-16,730/10gm. May contract settled up Rs.19 at Rs.16,701/10gm. Total volumes in May contract clocked 2409 lots.

Benchmark silver May contract opened Rs.21 up at Rs.27,629/kg. The contract fluctuated between Rs.27,629-Rs.27,728/kg. Silver May contract settled up Rs.92 at Rs.27,700/kg. Total volumes clocked 2083 lots.

MCX silver mini April futures opened up Rs.33 at Rs.27,636/kg and moved between Rs.27,636-Rs.27,723/kg. Mini silver April futures settled up Rs.99 at Rs.27,698/kg. Total volumes recorded 4204 lots.