Gold futures up on global cues

Tracking a firming global trend, gold prices rose by Rs 138 to Rs 25,869 per 10 grams in futures trade today on fresh buying by speculators.

Trading sentiment remained firm as gold futures gained in global markets after the Federal Reserve, seeking to bolster the economy, pledged to keep its benchmark interest rate at a record low through at least mid-2013, boosting demand for the metal as a haven investment.

At the Multi Commodity Exchange, gold for October delivery rose by Rs 138, or 0.54%, to Rs 25,869 per 10 grams, with a business turnover of 25,725 lots.

Likewise, the metal for December delivery traded higher by Rs 85, or 0.33%, to Rs 26,105 per 10 grams, with an open interest of 1,695 lots. Market analysts attributed the rise in gold prices to a firming global trend.

 

Meanwhile, gold for December delivery climbed 1.6% to $1,770 an ounce in New York.