Gold climbs Rs 420 in futures trade on positive cues

New Delhi: Gold prices soared Rs 420 to Rs 28,462 per 10 grams in futures trade today as speculators went for fresh positions on positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month June was trading sharply higher by Rs 420, or 1.50 per cent, at Rs 28,462 per 10 grams in a business turnover of 71 lots.

The metal for delivery in April was also trading higher by Rs 405, or 1.45 per cent, at Rs 28,390 in a turnover of 1,323 lots. Analysts said the rise in global market prices despite the US Federal Reserve raising the benchmark interest rate by a quarter percentage point influenced the precious metal prices in futures trade here. Globally, gold was trading 0.42 per cent higher at USD 1,224.80 an ounce in Singapore today.