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Gold rises 1.14% on global cues

business Updated: Jan 27, 2012 11:38 IST

PTI
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Gold futures rose 1.14% to Rs 27,903 per 10 grams on Friday as speculators created fresh positions, buoyed by a firm trend overseas amid a weak dollar.

At the Multi Commodity Exchange, gold for delivery in February rose by Rs 334, or 1.14%, to Rs 27,903 per 10 grams, with a business turnover of 6,006 lots.

The metal for delivery in April also rose by Rs 304, or 1.09% to Rs 28,2580 per 10 grams, with a trading volume of 1,156 lots.

Marketmen said gold soared to 7-week high in the global markets after the Federal Reserve's said it would keep US borrowing costs low.

Besides, the dollar fell against major currencies, boosting demand for the precious metals.

Gold rose $9.70 to $1,720.50 an ounce in New York Thursday's trade.