Gold futures up on global cues

Gold futures rose by Rs 39 to Rs 27,514 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.

At the Multi Commodity Exchange, February gold rose by Rs 39, or 0.14%, to Rs 27,514 per 10 grams, with a business turnover of 3,122 lots.

The April delivery gained Rs 35, or 0.13%, to Rs 27,884 per 10 grams, with a trading volume of 200 lots.

Analysts attributed the rise in gold futures to a firming trend overseas after data that added to signs that the US economy is recovering weakened the dollar, spurring demand for precious metal as an alternative 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 0.4% to $1,666.10 an ounce in early trade in Singapore.