Gold futures up 0.23% on global cues spot demand

Gold prices soared by 0.23% to Rs 23,125 per 10 grams in futures trade today as speculators engaged in creating positions, tracking firming global trend where the precious metal hit a record high. 

A firm demand at the spot market also supported the uptrend in gold futures here.

At the Multi Commodity Exchange, gold for August delivery gained Rs 54, or 0.23%, to Rs 23,125 per 10 grams, with a business turnover of 296 lots. It ended 0.34% higher at Rs 23,071 per 10 grams in the previous session.

Similarly, the metal for delivery in far-month October contracts also gained Rs 51, or 0.22%, to Rs 23,410 per 10 grams, with an open interest of 32 lots. 

Analysts attributed the rise in gold futures prices to firming trend overseas, where the metal rose to another record high as Europe's debt crisis spurred demand for the metal as an alternative investment option.  

In addition, a weak rupee, which makes the dollar-quoted yellow metal expensive and firming trend at the domestic spot market also buoyed the sentiments in the futures trade here, they said.  

Meanwhile, gold rose by 0.30% to a record high of $1,598.60 an ounce in Asian region today, rising for the 11th straight session.