Gold futures gain 0.3% on global cues

Sentiment bolstered in global markets on Federal Reserve statement on boosting economic growth

Gold rose by Rs 80 to Rs 28,920 per 10 grams in futures trade today as speculators enlarged their positions, tracking a firm trend in overseas markets.

Sentiment in gold bolstered as the precious metal advanced in global markets after Federal Reserve said it will do more to boost economic growth if necessary, weakening the dollar and raising appeal of the bullion as a store of value.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 80, or 0.28%, to Rs 28,920 per 10 grams, with a business turnover of 8,912 lots.

August gold moved up by Rs 74, or 0.25%, to Rs 29,309 per 10 grams in 328 lots.

 

Meanwhile, the precious metal gained 0.4% to $1,649.48 an ounce in London.