Gold futures up on global cues

Analysts attributed the rise in gold futures to a firming trend overseas on geopolitical tensions over Iran.

Written by Agencies | Published:January 4, 2012 11:57 am

Gold futures prices rose by 0.63 per cent to Rs 27,884 per 10 grams today as speculators created fresh positions on the back of a firming trend overseas.

At the Multi Commodity Exchange,gold for delivery in April rose by Rs 174,or 0.63 per cent,to Rs 27,884 per 10 grams,with a business turnover of 297 lots.

Likewise,the metal for delivery in February gained Rs 168,or 0.61 per cent,to Rs 27,550 per 10 grams,with a trading volume of 6,240 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas on geopolitical tensions over Iran,spurring investors to buy the precious metal as a haven.

Meanwhile,gold rose by 1.10 per cent to USD 1,583.60 an ounce in Singapore.

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