Gold futures up 0.20% on global cues
Gold continued on its rising streak with prices shooting up by another 0.20 % in futures trade on Wednesday as speculators engaged in enlarging their positions, taking positive cues from global markets.business Updated: Jul 13, 2011 12:25 IST
Gold continued on its rising streak with prices shooting up by another 0.20 % in futures trade today as speculators engaged in enlarging their positions, taking positive cues from global markets.
A firming trend in the domestic spot market also influenced gold prices in futures trade here.
At the Multi Commodity Exchange, gold futures for August delivery surged by Rs 45, or 0.20 %, to Rs 22,741 per 10 grams, with a business turnover of 2,032 lots.
Similarly, the metal for delivery in October gained Rs 45, or 0.20 %, to Rs 23,016 per 10 grams, with a trading volume of 180 lots.
Market analysts said the rise in gold futures was mostly due to the firming trend in global markets on concerns that the escalating debt crisis in Europe may trigger a global slowdown, boosting investment demand for precious metals as an alternative investment.
Meanwhile, gold for August delivery rose 0.50 % to $ 1,569.90 an ounce on the Comex in New York.