Gold futures up on global cues

Gold futures rose by Rs 93, or 0.33%, to Rs 27,914 per 10 grams today, as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.

Gold may advance for a sixth day, heading for the biggest weekly climb since October, as Europe's sovereign-debt crisis and geopolitical tension in the West Asia boosted haven demand.

At the Multi Commodity Exchange, February gold rose by Rs 93, or 0.33%, to Rs 27,914 per 10 grams, with a business turnover of 5,393 lots.

The April delivery gained Rs 83, or 0.29%, to Rs 28,245 per 10 grams, with a trading volume of 392 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas as Europe's sovereign-debt troubles and geopolitical tension in the West Asia boosted demand for the precious metal as an investment.

In addition, a pick-up in demand in the domestic spot market also supported the upside in gold prices, they said.

Meanwhile, gold rose by 0.30% to $1,627.75 an ounce in Singapore, the highest level since December 21.