Gold futures regain Rs 28,000 per ten gram on global cues

Gold prices rose by Rs 320 to trade above the Rs 28,000 per ten gram at Rs 28,020 after nearly five months in futures trade as speculators indulged in enlarging positions, tracking a firming trend overseas.
Besides, rising physical demand from jewellers at domestic markets on account of ongoing wedding season also supported the upside.
At the Multi Commodity Exchange, gold for delivery in February moved up by Rs 320, or 1.16 per cent, to Rs 28,020 per 10 gram after moving between Rs 27,730 and Rs 28,080 in a business turnover of 10,214 lots. It clocked a business turnover of 10,214 lots.

In a similar fashion, the metal for delivery in far-month April gained Rs 310, or 1.16 per cent, to Rs 28,113 per 10 gram after opening at Rs 27,849 and touching a high of Rs 28,192 intra-day and recorded business turnover of 362 lots.
Analysts said the rise in gold prices at futures trade was mostly attributed to a firming trend overseas where gold advanced to the almost five-month high on demand for the safe-haven amid concerns global economic growth is slowing.
Meanwhile, gold rose 1.5 per cent to USD 1,294.26 an ounce in London, the highest since August 28.