Gold prices rise by Rs 101 in futures trade on global cues

New Delhi: Taking positive cues from the global market, gold prices rose by Rs 101 to Rs 27,818 per 10 grams in futures trade today as speculators enlarged positions. Further, rising demand from jewellers at the domestic spot markets for the ongoing wedding season supported the upside in the precious metal prices.

At the Multi Commodity Exchange, gold for delivery in far-month April contracts was up by Rs 101, or 0.36 per cent, to Rs 27,818 per 10 grams in a business turnover of 86 lots.The metal for delivery in February was trading Rs 76, or 0.27 per cent, higher at Rs 27,730 per 10 grams in a turnover of 1,130 lots. According to analysts, a firming trend in global market where gold traded at almost four-month high ahead of European Central Bank policy makers meet to discuss introducing new stimulus, influenced the precious metal here in futures trade.

Meanwhile, gold rose USD 17.70, or 1.40 per cent to USD 1,280.30 an ounce in New York on Friday.