Gold futures up on firm global cues

Gold futures prices rose by 0.25 percent to Rs 28,400 per 10 grams today as speculators enlarged their positions on the back of firming global trends.

Last Updated: Apr 10, 2012, 14:14 PM IST

New Delhi: Gold futures prices rose by 0.25 percent to Rs 28,400 per 10 grams today as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 71, or 0.25 percent, to Rs 28,400 per 10 grams, with a business turnover of 350 lots.

In a similar fashion, the metal for delivery in August moved up by Rs 67, or 0.23 percent, to Rs 28,784 per 10 grams, with a trade volume of 19 lots.

Market analysts said the rise in gold futures was mainly due to a firming trend in overseas markets after US jobs data missed estimates, boosting speculation that the Federal Reserve may take more steps to spur growth.

Meanwhile, gold rose by 0.90 percent, to one-week high of USD 1,654.90 an ounce in Singapore in early trade today.

PTI