Gold futures marginally up on global cues

Hopes of steps from US central banks to boost the ecoonmy pulled prices higher

Gold prices rose by 0.29% to Rs 29,559 per 10 grams in futures trading today as speculators enlarged positions amid a firming trend in the global markets.

At the Multi Commodity Exchange, gold for delivery in August rose by Rs 86, or 0.29%, to Rs 29,559 per 10 grams, with a business turnover of 2,161 lots.

The October contract moved up by Rs 82, or 0.28%, to Rs 29,869 per 10 grams, with a business turnover of 78 lots.

Market analysts attributed the rise in gold futures to a firming in the global markets on signs of increased investment demand amid speculation that central banks will take more steps to boost growth.

Meanwhile, gold traded a shade higher at $1,617.40 an ounce in Singapore.