Gold futures up 0.37% on firm global cues

Spot demand ahead of marriage, festive season supports uptrend

Taking positive cues from the global market, gold prices rose by 0.37% to Rs 30,835 per 10 grams in futures trade today as speculators indulged in creating positions.

A firming trend in the spot market on increased buying ahead of marriage and festive season helped gold to rise in futures trade here.

At the Multi Commodity Exchange, gold for delivery in October shot up by Rs 113, or 0.37%, to trade at Rs 30,835 per 10 grams, with a turnover of 26 lots.

December gold gained Rs 73, or 0.23%, to Rs 31,160 per 10 grams, with a business volume of 2,814 lots.

 

Marketmen said gains in gold prices at futures trade was due to a firming trend overseas on speculation that moves by central bank around the world will stimulate growth and boost demand for the precious metal as a store of value.

Globally, gold rose as much as 0.30% to $1,796.10 an ounce, the highest intra day level since November 14.