Gold futures rise on firm global cues

Gold prices rose by 0.30% to Rs 22,450 per 10 grams in futures trade today as speculators enlarged positions, buoyed by a firming global trend.  

A firming trend in the domestic spot market due to marriage season demand also supported the rise in yellow metal prices in futures trade.

At the Multi Commodity Exchange, gold for delivery in June gained Rs 68, or 0.30%, to Rs 22,450 per 10 grams, clocking a business turnover of 1,172 lots. The July contract ended 0.36% higher at Rs 22,382 per 10 grams in the previous session.

Likewise, August gold rose by Rs 61, or 0.27%, to Rs 22,657 per 10 grams, with a business volume of 223 lots. 

Analysts said the trading sentiment was buoyed by a firming trend in the global market, where gold gained for the third straight day as deepening concern over Europe's sovereign debt crisis spurred demand for the metal as a protection of wealth.

Meanwhile, gold gained $8.90 to $1,526.10 an ounce in New York last night.