Gold glitters on global cues

PTI New Delhi | Updated on February 21, 2011

Diamond jewellery displayed at the Gold Jewellery India International Exhibition at Chennai Trade Centre (file photo).   -  The Hindu

Buoyed by firming trend overseas as West Asian tensions escalated, gold prices rose by 1.43 per cent at Rs 21,511 per ten grams in futures trade today.

At the Multi Commodity Exchange, gold for delivery in October rose by Rs 311 or 1.43 per cent to Rs 21,511 per ten grams, with a business turnover of two lots.

Likewise, the metal for delivery in April contract gained Rs 107 or 0.52 per cent to Rs 20,655 per ten grams, with a business volume of single lot.

Analysts said firming global trend where gold climbed to a seven-week high as mounting tensions in West Asia boosted demand for the precious metal as an alternative investment, supported the upside in the prices at futures trade here.

Besides, firming trend in the domestic market on the back of increased demand following ongoing marriage season further influenced the prices, they said.

At Chennai, standard gold was trading Rs 90 higher at Rs 20,605 per ten gram in the opening trade today.

Meanwhile, gold rose by 0.40 per cent to $1,394.80 an ounce in Asia, the highest level since January 4.

Published on February 21, 2011

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