Gold futures gain Rs 59 powered by global cues

New Delhi: Gold futures traded Rs 59 higher at Rs 27,177 per 10 grams as speculators created fresh bets amid positive cues from global markets. At Multi Commodity Exchange, gold for delivery in October was trading higher by Rs 59, or 0.22 per cent, to Rs 27,177 per 10 grams in a business turnover of nine lots. The metal for delivery in August contract was trading Rs 55, or 0.20 per cent, higher at Rs 26,935 per 10 grams in a turnover of 640 lots.

Analysts attributed the rise in gold prices to a firming trend overseas where it extended gains as the dollar fell, adding to the appeal of the precious metal after the Fed signalled that the pace of policy tightening will be gradual. Meanwhile, gold was trading 0.2 per cent higher at USD 1,187.47 an ounce in Singapore.