Gold futures up on firm global cues

Agencies : New Delhi, Mon Jun 11 2012, 14:56 hrs

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Tracking a firming global trend, gold prices rose by Rs 116 to Rs 30,010 per 10 grams in futures trade on Monday as speculators enlarged their positions.

Sentiment bolstered after gold advanced in global markets as the euro rallied against the dollar after Spain asked for a bailout and on speculation that demand from China will be sustained.

At the Multi Commodity Exchange, gold for delivery in October rose by Rs 116, or 0.25 per cent, to Rs 30,010 per 10 grams, with a business turnover of 214 lots.

Similarly, the metal for delivery in August moved up by Rs 66, or 0.22 per cent, to Rs 29,610 per 10 grams in 7,929 lots.

Market analysts said increased buying by speculators on hopes of a rise in the spot market demand amid a firming global trend mainly led to a rise in gold prices futures.

Meanwhile, gold rose 0.9 per cent to USD 1,608.25 an ounce in Singapore.

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