Gold futures rise on global cues

February, April contracts gain 0.2% each as speculators take fresh positions

Gold prices rose by Rs 63 to Rs 30,803 per 10 gm in futures trade today as speculators created fresh positions, taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in February rose by Rs 63, or 0.20 per cent, to Rs 30,803 per 10 gm, with a business turnover of 3,323 lots.

April gold moved up by Rs 60, or 0.19 per cent, to Rs 31,467 per 10 gm, with a trade volume of 160 lots.

Marketmen said fresh positions build-up by speculators in tandem with a firm global trend as the US debt ceiling weakened the dollar, boosting appeal for the metal, mainly led to a rise in gold futures prices.

Globally, the gold in Singapore climbed 0.4 per cent to $1,674 an ounce.