Gold futures rise on higher Asian cues

Tracking a firming Asian trend, gold prices rose by Rs 183 to Rs 26,214 per 10 grams in futures trade today as speculators created fresh positions.

Trading sentiment turned better after gold advanced in Asia on concerns that Europe's sovereign-debt crisis may not be contained, spurring investors to buy the metal to guard their wealth against a potential slowdown in global economy.

At the Multi Commodity Exchange, October gold rose by Rs 183, or 0.70%, to Rs 26,214 per 10 grams, with a business turnover of 533 lots.

The December contract moved up by Rs 150, or 0.58%, to Rs 26,466 per 10 grams, with an open interest of 5,052 lots.

The rise in gold futures was mainly due to a firming trend in the Asian region, traders said.

Meanwhile, gold climbed 0.8% to USD 1,636.53 an ounce in Singapore.