Gold futures remain up on positive global cues
Gold prices rose by another 0.10 per cent to Rs 28,714 per ten grams in future
New Delhi: Gold remained firm and prices rose by another 0.10 per cent to Rs 28,714 per ten grams in futures trading today as participants enlarged positions, tracking a firming trend overseas.
At the Multi Commodity Exchange, gold for delivery in June month gained Rs 28, or 0.10 per cent to Rs 28,714 per ten grams in business turnover of 41 lots. Likewise, the metal for delivery in April contracts traded higher by Rs 26, or 0.09 per cent to Rs 28,484 per ten grams in 1,433 lots.
Analysts said a firming trend overseas where gold rallied for an eighth straight day after topping USD 1,200 an ounce for the first time since June as increased concern about the state of the global economy hurt equity markets and boosted demand for a haven.
Meanwhile, gold rose 0.5 per cent to USD 1,195.66 in Singapore. The metal jumped to USD 1,200.97 on yesterday, the highest since June 22, and a climb on Tuesday would cap the longest run of gains since 2011. Pick up in demand at domestic spot market further fuelled the upside, they said.