Gold futures rise 0.27% to Rs 32,720 on firm global cues

Firm spot market trend supports uptrend

Continuing its upward journey, gold prices rose by 0.27% to Rs 32,720 per 10 grams in futures trade today as speculators indulged in creating positions, driven by a firming trend overseas.

A firming trend in the spot market on increased buying ahead of marriage and festive season helped gold to rise in futures trade here.

At the Multi Commodity Exchange, gold for delivery in February shot up by Rs 88, or 0.27%, to trade at Rs 32,720 per 10 grams, with a turnover of three lots.

December gold gained Rs 28, or 0.09%, to trade at Rs 32,317 per 10 grams, clocking a business volume of 119 lots.

The October contract edged up by Rs 27, or 0.08%, to trade at Rs 31,934 per 10 grams in a turnover of 1,287 lots.

In the domestic spot market yesterday, gold had gained Rs 50 to hit an all-time high of Rs 32,500 per 10 gram in the national capital.

Marketmen said persistent rise in gold prices was due to a firming trend overseas as the outlook for more stimulus from the US Federal Reserve spurred demand for the precious metal as a store of value.

Meanwhile, gold gained 0.40% to $1,732.60 an ounce in Singapore.