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Wednesday, February 19, 2020

Gold futures extend gains on global cues

Gold for delivery in August rose by Rs 99,or 0.33 per cent,to Rs 30,135 per 10 gm.

Written by Agencies | New Delhi | Published: June 14, 2012 11:25:59 am

Buoyed by firming trend overseas,gold continued its winning streak to trade 0.33 per cent higher in futures trade today as speculators engaged in building positions.

Firm demand at spot market for the ongoing wedding season,too,influenced gold futures prices.

At the Multi Commodity Exchange,gold for delivery in August rose by Rs 99,or 0.33 per cent,to Rs 30,135 per 10 gm,with a business turnover of 1,148 lots. Similarly,the metal for delivery in October traded higher by Rs 96,or 0.32 per cent,to Rs 30,457 per 10 gm in 46 lots.

Analysts attributed gains in gold futures prices to a firming trend overseas as the dollar weakened,boosting demand for bullion as an alternative investment.

Besides,a firming trend on the domestic spot markets,where the precious metal soared to yet another new high on strong demand for the ongoing wedding season,also supported the upside,they said.

In the national capital,gold prices shot up by Rs 270 to trade at all-time high of Rs 30,420 per 10 gm in yesterday’s trade.

Meanwhile,gold in Singapore rose USD 5.40,or 0.33 per cent,to USD 1,623 an ounce.

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