Gold futures up on firm global cues

Gold futures rose by 0.47% to Rs 27,598 per 10 grams today, as speculators enlarged their positions on the back of a firming global trend.

At the Multi Commodity Exchange, February gold rose by Rs 131, or 0.47%, to Rs 27,998 per 10 grams, with a business turnover of 4,234 lots.

The April delivery moved up by similar margin to, Rs 28,299 per 10 grams, with a trade volume of 187 lots.

Market analysts said the rise in gold futures was attributed to reports of a firming trend in overseas markets as the euro advanced after European finance ministers boosted their anti-crisis efforts by pledging extra funding to the International Monetary fund.

Meanwhile, gold rose by $9.80, or 0.61%, to $1,626 an ounce in Singapore in early trade today.