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Gold up in futures trade on Asian cues

business Updated: Oct 21, 2013 15:22 IST

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Buoyed by a firm Asian trend, gold prices rose by 0.72% to Rs 29,500 per 10 gram in futures trade on Monday as speculators enlarged their positions.

Besides, rising demand in the domestic spot markets for the ongoing festive and wedding season too supported the rise.

At the Multi Commodity Exchange, gold for delivery in far-month February, 2014 contracts rose by Rs 210, or 0.72%, to Rs 29,500 per 10 gram in business turnover of 10 lots.

Similarly, the yellow metal for delivery in December traded higher by Rs 205, or 0.70%, to Rs 29,685 per 10 gram in 235 lots.

Analysts said a firming trend in the Asian trade on speculation that the US Fed would not start tapering until 2014 and rising demand in domestic spot markets mainly led to rise in gold prices in futures trade.

In the national capital, gold prices went up by Rs 150 to Rs 31,650 per ten gram on Saturday.

Globally, gold rose by $1.60, or 0.12%, to $ 1,319 an ounce in Singapore.