Gold prices rise by Rs 175 in futures trade on global cues

Gold prices rose by Rs 175 to Rs 26,857 per 10 gram in futures trade after speculators widened positions amid a better trend overseas.

Gold prices rose by Rs 175 to Rs 26,857 per 10 gram in futures trade after speculators widened positions amid a better trend overseas.

At the multi commodity exchange, gold for delivery in October was up by Rs 175, or 0.66%, to Rs 26,857 per 10 gram in business turnover of 1,363 lots. The metal for delivery in far-month December contracts moved up by Rs 165, or 0.61%, to Rs 27,046 per 10 gram in a turnover of 42 lots.

Analysts said the rise in gold prices at futures trade was mostly in line with a firming trend overseas after a factory gauge in China shrank to a three-year low, deepening concern about the slowdown in the world's second-biggest economy and boosting demand for the metal as a safe haven.

Meanwhile, gold rose as much as 0.7% to $1,142.79 an ounce in Singapore.