Gold futures spurt Rs 263 on global cues

Gold prices jumped Rs 263 to Rs 29,949 per ten grams in futures trading today as speculators raised their bets, tracking a firming trend overseas.

Gold for delivery in June spurted by Rs 263, or 0.89 per cent, to Rs 29,949 per 10 grams, in a business turnover of 4,997 lots.

Similarly, the metal for delivery in far-month traded higher by Rs 234, or 0.82 per cent, to Rs 30,151 per 10 grams in 275 lots.

Analysts said speculators widened their bets, tracking a firming global trend as the dollar tumbled to a 10-month low, boosting the appeal of alternative assets, influenced gold futures here.
 

Globally, gold traded at USD 1,274.24 an ounce in Singapore, from USD 1,266.26 yesterday. The metal is 2.7 per cent higher this week.