Gold rises in futures trade on firm global cues

Gold prices rose by Rs 350 or 1.89 per cent to Rs 18,875 per 10 grams in futures trade today, as traders created fresh positions driven by a steep rise in prices at physical markets.

Trading sentiment bolstered after the metal in the national capital climbed to an all-time high of Rs 19,050 per 10 grams in line with a firming global trend.

The precious metal remained in bullish mood ever since the European debt crisis began last month, raising demand for gold in world markets as an investment haven.

At the Multi Commodity Exchange, gold for December-month contract surged by Rs 350, or 1.89 per cent to Rs 18,875 per 10 grams, with a business volume of 20 lots.

Similarly, the metal for October contract rose by Rs 384, or 2.07 per cent to Rs 18,850 per 10 grams, with a trading volume of 727 lots.

Marketmen said fresh buying by traders in tandem with a firming global trend helped gold prices to rise at futures trade.

They said the gold crossing Rs 19,000-level for the first time to quote at Rs 19,050 per 10 grams in the national capital also fuelled the uptrend.