Gold futures to Rs 29,242 on Akshaya Tritiya demand

Gold futures prices Tuesday rose 0.22 percent to Rs 29,242 per 10 grams, as speculators enlarged positions, tracking a firming trend in the spot markets driven by pick-up in demand on the back of 'Akshaya Tritiya' festival even as the metal weakened overseas.

Last Updated: Apr 24, 2012, 13:04 PM IST

New Delhi: Gold futures prices Tuesday rose 0.22 percent to Rs 29,242 per 10 grams, as speculators enlarged positions, tracking a firming trend in the spot markets driven by pick-up in demand on the back of 'Akshaya Tritiya' festival even as the metal weakened overseas.

At the Multi Commodity Exchange, gold for delivery in far-month August rose by Rs 63, or 0.22 percent, to Rs 29,242 per 10 grams, with a business turnover of 77 lots.

In a similar fashion, the metal for delivery in June moved up by Rs 61, or 0.21 percent, to Rs 28,842 per 10 grams, with a trade volume of 1,284 lots.

Market analysts said the rise in gold futures was mainly due to a firming trend in spot markets on increased buying activity, driven by "Akshaya Tritiya', considered as an auspicious day in Hindu mythology for the buying of precious metal.

Meanwhile, gold surged to nearly two-month high of Rs 29,070 per 10 grams in the national capital in yesterday's trade. Globally, gold fell 0.13 percent to USD 1,636.20 an ounce in early trade in Singapore today.

PTI