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Gold prices up on global cues, spot demand

Press Trust of India  |  New Delhi 

Gold prices rose by Rs 97 to Rs 31,627 per 10 gram in futures trade Monday as speculators widened their bets, tracking a firm trend overseas.

On the Multi Commodity Exchange, gold for delivery in June contracts was trading higher by Rs 97, or 0.31 per cent, to Rs 31,627 per 10 gram, in a business turnover of 5,569 lots.

Similarly, the delivery for August contracts was up by Rs 88, or 0.28 per cent, to Rs 31,774 per 10 gram, with a business volume of 10,639 lots.

Analysts said raising of bets by participants, taking cues from global markets mainly pushed up gold prices here. A weaker rupee also strengthened the gold prices.

Globally, the yellow metal prices gained steam on the speculations of a prolonged Sino-US trade war and poor US economic data.

The precious metal rose 0.15 per cent to trade at USD 1,291.10 an ounce in New York.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 27 2019. 13:25 IST