Gold futures gain 0.23% on strong global cues, spot demand | business | Hindustan Times
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Gold futures gain 0.23% on strong global cues, spot demand

business Updated: Aug 22, 2012 12:49 IST
PTI
Gold futures

Gold futures prices on Wednesday rose by 0.23% to Rs. 30,719 per 10 grams as speculators enlarged positions after the precious metal climbed to nearly three-month high in global markets as a weaker dollar increased its appeal as an alternative investment.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs. 70, or 0.23%, to Rs. 30,719 per 10 grams, with a business turnover of 66 lots.

In a similar fashion, the metal for delivery in October moved up by Rs. 68, or 0.22%, to Rs. 30,386 per 10 grams in 1,590 lots.

Marketmen said the rise in gold futures was mainly due to a firm global trend, where it surged to three month high as weaker dollar raised appeal for the precious metal as an alternative investment.

Besides, firm demand at domestic spot markets also supported the upside, they added.

Meanwhile, gold gained 0.02% to $1,639 an ounce in Singapore. It reached $1,641.48 an ounce on Tuesday, the highest since May 7.