Gold futures up on global cues

PTI New Delhi | Updated on March 16, 2011


Gold prices jumped by Rs 47 to Rs 20,652 per 10 grams at the futures trade today after speculators created fresh positions as metal prices rebounded in the overseas markets.

Trading sentiment turned better as gold recovered from the lowest level in a month in Asia, as Asian equities and oil rebounded after the twin risks of geopolitical tensions in West Asia and Japan’s strongest earthquake shook investors’ confidence.

At the Multi Commodity Exchange, gold for April contract rose Rs 47 or 0.23 per cent to Rs 20,652 per 10 grams with a trade volume of just one lot.

Likewise, the metal for delivery in June moved up by Rs 43 or 0.21 per cent to Rs 20,950 per 10 grams with business turnover of just two lots.

Market analysts said fresh buying by speculators in line with a firming trend in the Asian region mainly led to the rise in gold futures prices.

Meanwhile, gold rose 0.3 per cent to $1,400.38 an ounce in the Asian region.

Published on March 16, 2011

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