Gold rises 0.38% in futures trade on firm global cues

Gold prices rose by 0.38% to Rs 21,908 per 10 grams in futures trade on Wednesday supported by a firming trend in the domestic markets as well as overseas.

Gold prices rose by 0.38% to Rs 21,908 per 10 grams in futures trade on Wednesday supported by a firming trend in the domestic markets as well as overseas.

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At the Multi Commodity Exchange, gold for delivery in June gained Rs 84, or 0.38% to trade at Rs 21,908 per 10 grams, clocking a business turnover of 2,378 lots.

Likewise, the metal for delivery in August advanced by Rs 29, or 0.13% to Rs 21,600 per 10 grams, with a business volume of 180 lots.

Analysts attributed the rise in gold prices at futures trade to a firming trend in global market as signs of a slowdown in the global economy raised demand for precious metals as an alternative investment.

Meanwhile, gold gained 0.30% to $1,490.65 an ounce in Asian trade at Singapore.