Gold futures up on firm global cues

PTI New Delhi | Updated on May 18, 2011 Published on May 18, 2011

Gold prices rose 0.38 per cent to Rs 21,908 per 10 grams at the futures trade today supported by a firming trend in the domestic as well as overseas markets.

At the Multi Commodity Exchange, gold for delivery in June gained Rs 84 or 0.38 per cent to Rs 21,908 per 10 grams clocking a business turnover of 2,378 lots. Likewise, the metal for delivery in August advanced by Rs 29 or 0.13 per cent to Rs 21,600 per 10 grams with a business volume of 180 lots.

Analysts attributed the rise in gold prices at the futures trade to a firming trend in the global market as signs of a slowdown in the global economy raised the demand for precious metals as an alternative investment.

Meanwhile, gold gained 0.3 per cent to $1,490.65 an ounce in the Asian trade at Singapore.

Published on May 18, 2011

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