Gold futures up on global cues

Gold futures prices rose by Rs 93,or 0.33 per cent,to Rs 27,914 per 10 grams today,as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.

Written by Agencies | New Delhi | Published:January 6, 2012 12:56 pm

Gold futures prices rose by Rs 93,or 0.33 per cent,to Rs 27,914 per 10 grams today,as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.

Gold rates may advance for a sixth day,heading for the biggest weekly climb since October,as Europe¿s sovereign-debt crisis and geopolitical tension in the Middle East boosted haven demand.

At the Multi Commodity Exchange,gold for delivery in February rose by Rs 93,or 0.33 per cent,to Rs 27,914 per 10 grams,with a business turnover of 5,393 lots.

In a similar fashion,the metal for delivery in far-month April gained Rs 83,or 0.29 per cent,to Rs 28,245 per 10 grams,with a trading volume of 392 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas as Europe’s sovereign-debt troubles and geopolitical tension in the Middle East boosted demand for the precious metal as an investment.

In addition,a pick-up in demand in the domestic spot market also supported the upside in gold prices,they said.

Meanwhile,gold rose by 0.30 per cent to USD 1,627.75 an ounce in Singapore,the highest level since December 21.

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