Gold futures rise 0.5% on firm global cues

Gold futures prices today rose by 0.43% to Rs 26,583 per 10 grams as speculators enlarged positions, largely in tune with a firming overseas trend.

 

Covering-up of short positions by speculators at prevailing levels also influenced gold futures prices here, traders said.

 

At the Multi Commodity Exchange, metal prices for delivery in August gained Rs 124, or 0.43% to trade higher at Rs 26,583 per 10 gm in a turnover of 1,483 lots.

 

Similarly, the metal prices for delivery in far-month October edged up by Rs 107, or 0.40%, to Rs 26,702 per 10 gm, clocking a business volume of 93 lots.

 

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets.

 

Globally, gold rose as much as 0.65% to trade at nearly three-week high of $1,291.50 an ounce in New York yesterday.