Gold futures rise 0.17 per cent on global cues

Tracking a firm global trend, gold prices were up by 0.17 per cent to Rs 26,925 per ten grams in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, gold for delivery in far-month October gained Rs 47, or 0.17 per cent, to Rs 26,925 per ten grams in a business turnover of 12 lots.

Similarly, the yellow metal for delivery in August traded higher by Rs 29, or 0.11 per cent, to Rs 26,825 per ten grams in 1,680 lots.

Analysts attributed the rise in gold prices at futures trade to a firming trend overseas where the metal rose to a three-week high as the US Federal Reserve said interest rates will remain low, boosting demand for the precious metal as an alternative investment.
 

Globally, gold rose 0.3 per cent to USD 1,281.42 an ounce in London.