Gold futures rise 0.86% on firm global cues

Jul 31, 2013 |

New Delhi

Gold futures prices Wednesday rose by 0.86 per cent to Rs 28,590 per 10 grams as speculators enlarged positions, largely in tune with a firming overseas trend.

Covering-up of short positions by speculators at prevailing levels also influenced gold futures prices here, traders said.

At the Multi Commodity Exchange, metal prices for delivery in far-month October gained Rs 245, or 0.86 per cent, to trade higher at Rs 28,590 per 10 gm in a turnover of 1,615 lots.

Similarly, the metal prices for delivery in August edged up by Rs 210, or 0.73 per cent, to Rs 28,915 per 10 gm, clocking a business volume of 1,997 lots.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as investors awaited the conclusion of US Federal Reserve policymakers’ meeting Wednesday for signals on whether the Fed may start reducing its unprecedented stimulus programme in the coming months.

Globally, gold rose as much as one per cent to trade at $1,339.74 an ounce in Singapore.

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