Gold surges Rs 75 in futures trade on global cues

Gold prices were up by Rs 75 to Rs 29,431 per 10 gram in futures trade today as speculators took fresh positions on positive cues from global markets.
At the Multi Commodity Exchange, gold for delivery in April was up by Rs 75 or 0.26 per cent at Rs 29,431 per 10 gram in a business turnover of 1,151 lots.
The metal for delivery in far-month June was also trading higher by Rs 65, or 0.22 per cent to Rs 29,711 per 10 gram in a turnover of 27 lots.
Analysts said the rise in global market prices, as the dollar dropped after the US Federal Reserve scaled back forecasts for interest rate hikes this year, raised demand for gold and other commodities. This influenced the precious metal prices in futures trade in India as well.

Globally, gold was trading 0.4 per cent higher at USD 1,262.97 an ounce in Singapore today. The precious metal is 1.1 per cent higher this week and up 19 per cent for the year.