Gold & Silver

Gold futures up on global cues, spot demand

PTI New Delhi | Updated on December 23, 2011 Published on December 23, 2011

Gold futures rose Rs 72 to Rs 29,770 per 10 grams today as speculators created fresh positions on the back of a firming trend overseas and rising demand at the domestic spot market.

At the Multi Commodity Exchange, gold for delivery in February rose Rs 72 or 0.26 per cent to Rs 27,770 per 10 grams with a business turnover of 1,436 lots. In a similar fashion, the metal for delivery in far-month April gained Rs 68 or 0.24 per cent to Rs 28,074 per 10 grams with a trading volume of 65 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas on the back of higher equities as upbeat US economic data boosted the investor sentiment. In addition, a pick-up in demand at the domestic spot market also supported the upside in gold prices, they said.

Meanwhile, gold rose 0.4 per cent to $1,612.80 an ounce in Singapore.

Published on December 23, 2011
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