Gold futures up on global cues, spot demand
Gold futures rose by Rs 72 to Rs 29,770 per 10 grams today as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.
At the Multi Commodity Exchange, gold for delivery in February rose by Rs 72, or 0.26%, to Rs 27,770 per 10 grams, with a business turnover of 1,436 lots.
In a similar fashion, the metal for delivery in far-month April gained Rs 68, or 0.24%, to Rs 28,074 per 10 grams, with a trading volume of 65 lots.
Market analysts attributed the rise in gold futures to a firming trend overseas on the back of higher equities as upbeat US economic data boosted the investor sentiment.
In addition, a pick-up in demand in the domestic spot market also supported the upside in gold prices, they said.
Meanwhile, gold rose by 0.40% to $1,612.80 an ounce in Singapore.