Gold futures up on firm global cues

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

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.

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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.