Commodities

Gold futures up on global cues

PTI New Delhi | Updated on May 11, 2011 Published on May 11, 2011

Gold prices rose Rs 93 to Rs 22,241 per 10 grams at the futures trade today as speculators enlarged their positions in tandem with a firming global trend.

Trading sentiment turned better as gold and silver advanced in the global markets as faster-than-forecast inflation in China and a resurgence of Europe’s sovereign-debt crisis increased the demand for precious metals as a store of value.

At the Multi Commodity Exchange, gold for June delivery rose Rs 93 or 0.42 per cent to Rs 22,241 per 10 grams with a business volume of three lots. Similarly, August contract moved up by Rs 95 or 0.42 per cent to Rs 22,529 per 10 grams with an open interest of a single lot.

Market analysts said apart from a firming global trend, increased buying by speculators mainly pushed up gold futures prices.

Meanwhile, the yellow metal gained 0.5 per cent to $1,524.40 per ounce in the Asian region.

Published on May 11, 2011
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