Gold futures up on firm global cues

Market analysts said the rise in gold futures was mainly due to a firming trend in overseas markets.

Written by Agencies | New Delhi | Published: April 10, 2012 2:21 pm

Gold futures prices rose by 0.25 per cent to Rs 28,400 per 10 grams today as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange,gold for delivery in June rose by Rs 71,or 0.25 per cent,to Rs 28,400 per 10 grams,with a business turnover of 350 lots.

In a similar fashion,the metal for delivery in August moved up by Rs 67,or 0.23 per cent,to Rs 28,784 per 10 grams,with a trade volume of 19 lots.

Market analysts said the rise in gold futures was mainly due to a firming trend in overseas markets after US jobs data missed estimates,boosting speculation that the Federal Reserve may take more steps to spur growth.

Meanwhile,gold rose by 0.90 per cent,to one-week high of USD 1,654.90 an ounce in Singapore in early trade today.

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