Gold futures surge on global cues

Written by Press Trust of India | New Delhi | Updated: Aug 28 2014, 17:34pm hrs
Gold prices rose by Rs 95 to Rs 27,875 per 10 grams in futures trade today as speculators enlarged positions taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in October moved up by Rs 95, or 0.34 per cent, to Rs 278,875 per 10 grams, with a business turnover of 150 lots.

Similarly, the metal for delivery in far-month December contracts was up by Rs 76, or 0.27 per cent, to Rs 28,002 per 10 grams, with a trade volume of three lots.

Marketmen said speculators enlarged their positions, tracking a firming trend overseas on increased tensions in Ukraine and as the dollar weakened, countering concern that US interest rates could increase sooner than expected because of the strengthening economy, mainly led to a rise in gold futures.

Globally, gold in Singapore traded 0.30 per cent higher at USD 1,286.30 an ounce in Singapore in early trade today.