Gold up in futures trade on global cues

Speculators created fresh positions pushing the metal higher

Amid a firming global trend, gold prices rose by Rs 50 to Rs 30,163 per 10 grams in futures trade today as speculators created fresh positions.

At the MCX, gold for delivery in August rose by Rs 50, or 0.17%, to Rs 30,163 per 10 grams, with a business turnover of 2,808 lots.

The October contract moved up by Rs 48, or 0.16%, to Rs 30,472 per 10 grams, with a business turnover of 118 lots.

Market analysts said the rise in gold futures was mostly due to a firming global trend on speculation that the central banks may take steps to boost economies.

Meanwhile, gold gained 0.2% to $1,626.77 an ounce in Singapore.