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Price of gold surges on global cue

Analysts said rally in gold prices in the global market influenced gold futures in India.

By: PTI | New Delhi | Updated: June 16, 2016 11:56 am
Gold, Gold price, Gold trends, price of gold rises, business news, India gold price, global gold price, gold economy, india news, latest news Speculators raised their bets after gold had climbed above ,300 an ounce in the global markets. (Source: File photo)

Gold prices spurted by Rs 408 to Rs 30,852 per 10 gram in futures trade as speculators raised their bets after the precious metal climbed above $1,300 an ounce in the global markets.

In futures trading at the Multi Commodity Exchange, gold for delivery in August rose by Rs 408 or 1.34 per cent to Rs 30,852 per 10 gram in a business turnover of 1,627 lots.

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Also, the precious metal for delivery in far-month October was trading higher by Rs 408 or 1.33 per cent to Rs 31,084 per 10 gram in 92 lots.

Analysts said rally in gold prices in the global market, where it again went past $ 1,300 after the Federal Reserve scaled back the outlook for interest-rate increase and Fed Chair Janet Yellen signaled rates may stay lower for longer, raised appeal of the yellow metal, influenced gold futures in New Delhi.

Besides, covering-up short positions by speculators also supported the upside, they said.

Globally, the metal’s rates zoomed as much as $10.80 or 0.94 per cent to $1,302.30 an ounce in Singapore.

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