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Gold futures up on firm global cues

business Updated: Apr 18, 2012 13:19 IST

Gold futures prices rose by 0.16% to Rs 28,528 per 10 gm on Wednesday as speculators enlarged their positions on the back of firming global trends.


At the Multi Commodity Exchange, gold for delivery in June rose by Rs 46, or 0.16%, to Rs 28,528 per 10 gm, with a business turnover of 699 lots.

In a similar fashion, the metal for delivery in August moved up by Rs 43, or 0.15%, to Rs 28,930 per 10 gm, with a trade volume of 7 lots.

Market analysts said the rise in gold futures was mainly due to a firming trend overseas after the International Monetary Fund raised its global economic growth forecast, boosting the demand outlook for gold and other commodities.

Meanwhile, gold rose by 0.20%, to $1,652.30 an ounce in Singapore in early trade on Wednesday.