Gold futures rise on global cues

Gold prices rose by Rs 50 or 0.28 per cent to Rs 18,140 per ten gram in futures market today on fresh buying by speculators and firming global trend.

Trading sentiment turned better after gold rebounded from the steepest fall in more than three months on speculation that Europe’s fiscal turbulence will continue to fan investor's demand for safer assets.

On the Multi Commodity Exchange, gold for August-month contract rose Rs 50, or 0.28 per cent to Rs 18,140 per ten gram, with an open interest of 4,386 lots.

The metal for delivery in June contract also went up by Rs 49, or 0.27 per cent to Rs 18,067, with an open interest of 13,263 lots.
    
Traders said fresh buying by speculators and reports of a firming trend in overseas market mainly led to a rise in gold prices at futures market.
    
Meanwhile, gold gained 0.4 per cent 1,198.15 an ounce in the Asian region. The metal slumped 2.6 per cent yesterday, the most since February 4.