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Gold surges 1.5% in futures trade on global cues

A firming trend in the domestic spot markets on the back of increased buying influenced prices

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rose sharply by Rs 424, or 1.53%, to Rs 28,180 per 10 gm in futures trade on firm global cues.
     
At the Multi Commodity Exchange, gold for delivery in far-month December was up sharply by Rs 424, or 1.53%, to Rs 28,180 per 10 gm in business turnover of 63 lots.
     
The metal for delivery in October also moved up by Rs 422, or 1.53%, to Rs 28,328 per 10 gm in a turnover of 1,627 lots.
     
Analysts said a firming trend in the global market where gold climbed to the highest level this month after holdings in the biggest bullion-backed exchange-traded product expanded for the first time since June, mainly supported the upside in the precious metal prices at futures trade here.
     
Besides, a firming trend in the domestic spot markets on the back of increased buying for the festive and marriage season also influenced prices, they said.
     
Meanwhile, gold rose by 1.50% to $1,333.94 an ounce in Singapore, the highest price since July 31. 

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