Gold futures rise 0.59% on global cues

Gold prices rose by 0.59 per cent to Rs 29,363 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas.
At the Multi Commodity Exchange, gold for delivery in August rose by Rs 171, or 0.59 per cent, to Rs 29,363 per 10 gram, in a business turnover of 161 lots.
Likewise, the yellow metal for delivery in June moved up by Rs 160, or 0.55 per cent, to Rs 29,115 per 10 gram in 873 lots.
Analysts said fresh positions built up by traders in line with a firm global trend where gold rebounded from the lowest level in seven weeks as a rally in the dollar paused, influenced the sentiment.

Globally, gold rose 0.8 per cent to USD 1,234.36 an ounce in Singapore. The metal retreated on Wednesday to USD 1,217.93, the lowest intraday level since April 6.