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Gold futures up on firm global cues

Analysts attributed the rise in gold prices to a firm trend in overseas markets.

Gold futures rose 0.12 per cent to Rs 29,286 per 10 gm today, as speculators enlarged their positions on the back of a firming global trend.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 34, or 0.12 per cent, to Rs 29,286 per 10 grams, with a business turnover of 110 lots.

Similarly, the metal for delivery in April moved up by Rs 27 to, or 0.09 per cent to Rs 28,902 per 10 grams, with a trade volume of 3,345 lots.

Analysts attributed the rise in gold prices to a firm trend in overseas markets where it hit 3-month high, as investors bought precious metals as an alternative to a weakening dollar

Meanwhile, gold touched a 3-month high of USD 1,792.40 an ounce in New York in yesterday’s trade.

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First published on: 29-02-2012 at 13:00 IST
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