Gold futures up on firm global cues

Gold rose by 1.9 per cent,the biggest jump since January 25.

Written by Agencies | New Delhi | Published:February 22, 2012 12:27 pm

Gold futures rose by 0.38 per cent to Rs 28,826 per 10 grams today,as speculators enlarged their positions on the back of a firming global trend.

At the Multi Commodity Exchange,gold for delivery in June rose by Rs 108,or 0.38 per cent,to Rs 28,826 per 10 grams,with a business turnover of 80 lots.

In a similar fashion,the metal for delivery in April moved up by Rs 105 to,or 0.37 per cent to Rs 28,485 per 10 grams,with a trade volume of 2,225 lots.

Analysts attributed the rise to firming trends in overseas markets after agreement on a bailout package for Greece boosted prospects for raw materials use and political tension in the Middle East increased demand for a safe haven.

Gold rose by 1.9 per cent,the biggest jump since January 25,to USD 1,758.50 an ounce in New York in yesterday’s trade.

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