Gold futures prices rise on spot demand, global cues

Nov 20 2012, 16:19 IST
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SummaryGold prices rose by Rs 88 to Rs 31,783 per 10 grams in futures trade today as speculators enlarged positions, driven by a firm spot markets trend on pick up in demand.

Gold prices rose by Rs 88 to Rs 31,783 per 10 grams in futures trade today as speculators enlarged positions, driven by a firm spot markets trend on pick up in demand.

A firm global trend also supported the uptrend at futures trade.

At the Multi Commodity Exchange, gold for delivery n December rose by Rs 88, or 0.28 per cent, to Rs 31,783 per 10 grams, with a business turnover of 11,416 lots.

Similarly, the metal for delivery in February moved up by Rs 73, or 0.23 per cent, to Rs 32,172 per 10 grams, with a business turnover of 991 lots.

Marketmen said increased buying by speculators on the back of pick up in demand in the spot market following ongoing marriage season mainly led to a rise in gold prices at futures market.

They said firming global trend also influenced the trading sentiment.

Meanwhile, gold gained 0.2 per cent to USD 1,734.50 an ounce in Singapore.

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