Gold futures up on firm global cues

April contract falls 0.3%

Taking positive cues from the global market, gold prices rose marginally by 0.30% to Rs 31,834 per 10 grams in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, gold for delivery in April moved up by Rs 95, or 0.30%, to trade at Rs 31,834 per 10 grams, with a turnover of 85 lots.

February gold gained Rs 86, or 0.27%, to Rs 31,418 per 10 grams, with a business volume of 2,246 lots.

Marketmen said gains in gold prices at futures trade was mostly due to a firming trend overseas on the optimism that US lawmakers will reach an agreement on the budget to avert automatic spending cuts.

 

Globally, gold rose 0.30% to $1,702.40 an ounce in early trade in Singapore.