Bullion futures up on firm global cues

Gold futures prices rose by 0.25% to Rs 28,400 per 10 grams as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange, the June delivery rose by Rs 71, or 0.25%, to Rs 28,400 per 10 grams, with a business turnover of 350 lots.

The August contract moved up by Rs 67, or 0.23%, to Rs 28,784 per 10 grams, with a trade volume of 19 lots.

Meanwhile, gold rose by 0.90%, to one-week high of $1,654.90 an ounce in Singapore in early trade today.

Tracking a firming trend in global markets, silver moved up by Rs 254 to Rs 56,156 per kg in futures trading today.

At the Multi Commodity Exchange, the May delivery rose by Rs 254, or 0.45%, to Rs 56,156 per kg, with a business turnover of 633 lots.

The July contract traded higher by Rs 245, or 0.43%, to Rs 57,822 per kg, with a trade volume of 38 lots.

Globally, silver rose 1.3% to $31.94 an ounce in early trading in Singapore.

Market analysts said the rise in bullion futures was mainly due to a firming trend in overseas markets after US jobs data missed estimates, boosting speculation that the Federal Reserve may take more steps to spur growth.