Gold surges 1.5% in futures trade on global cues

A firming trend in the domestic spot markets on the back of increased buying influenced prices

Gold prices rose sharply by Rs 424, or 1.53%, to Rs 28,180 per 10 gm in futures trade on firm global cues.

     

At the Multi Commodity Exchange, gold for delivery in far-month December was up sharply by Rs 424, or 1.53%, to Rs 28,180 per 10 gm in business turnover of 63 lots.

     

The metal for delivery in October also moved up by Rs 422, or 1.53%, to Rs 28,328 per 10 gm in a turnover of 1,627 lots.

     

Analysts said a firming trend in the global market where gold climbed to the highest level this month after holdings in the biggest bullion-backed exchange-traded product expanded for the first time since June, mainly supported the upside in the precious metal prices at futures trade here.

     

Besides, a firming trend in the domestic spot markets on the back of increased buying for the festive and marriage season also influenced prices, they said.

     

Meanwhile, gold rose by 1.50% to $1,333.94 an ounce in Singapore, the highest price since July 31.