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Gold futures up on firm global cues

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SummaryGold futures rose 0.45 per cent to Rs 29,315 per 10 grams today as speculators enlarged their positions on the back of firming global trends.

Gold futures rose 0.45 per cent to Rs 29,315 per 10 grams today as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange, gold for delivery in April rose Rs 131, or 0.45 per cent, to Rs 29,315 per 10 grams, with a business turnover of 402 lots.

In a similar fashion, the metal for delivery in far-month June moved up by Rs 98, or 0.34 per cent, to Rs 28,867 per 10 grams, with a trade volume of 23 lots.

Market analysts said the rise in gold futures was mainly in line with a firming trend in overseas markets as US economic data that trailed estimates increased its demand, with holdings in the biggest exchange-traded product expanding to a two-month high.

Meanwhile, gold rose by 0.30 per cent to USD 1,307.16 an ounce in Singapore, the highest price since November 8.

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