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Gold extends gain in futures trade on global cues,up 1.34 pct

Globally,gold rose 0.20 pct to USD 1,407.42 an ounce in Singapore,the highest price since June 7.

Written by PTI | New Delhi | Published: August 27, 2013 12:12:53 pm

Continuing its rising streak,gold futures prices today rose further by 1.34 per cent to Rs 32,304 per ten gram as speculators engaged in enlarging positions on positive global cues.

Besides,sliding rupee which again breached 65-mark against the dollar also supported the rise in gold futures.

At the Multi Commodity Exchange,metal for delivery in October gained Rs 428,or 1.34 per cent,to trade higher at Rs 32,304 per 10 gm in a turnover of 845 lots.

Similarly,the metal for delivery in far-month December spurted by Rs 284,or 1.21 per cent,to Rs 32,220 per 10 gm,clocking a business volume of 52 lots.

Analysts said apart from sliding rupee,a firming trend in the global market as investors weighed the outlook for stimulus in the US,with a drop in durable goods orders adding to signs that debt-buying may be sustained,influenced gold prices at futures trade here.

Globally,gold rose 0.20 per cent to USD 1,407.42 an ounce in Singapore today,the highest price since June 7.

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