Gold futures up 0.5% on global cues

Gold for delivery in far-month October contracts moved up by 0.52%.

Gold futures prices today rose by 0.53% to Rs 27,725 per 10 grams as speculators enlarged their positions, driven by a firming trend in the Asian region.

 

At the Multi Commodity Exchange, gold for delivery in August rose by Rs 145, or 0.53%, to Rs 27,725 per 10 gm in business turnover of 1,901 lots.

 

Gold for delivery in far-month October contracts moved up by Rs 145, or 0.52%, to Rs 27,915 per 10 gm in a turnover of 77 lots.

 

Market analysts said a firming trend in the global market after investors bought the precious metal as a haven asset as China's trade and industrial production in May trailed estimates, mainly influenced gold prices at futures trade here.

 

Meanwhile, gold advanced 0.4%, to $1,388.41 an ounce in Singapore in early trade today.