Gold futures up on firm global cues

Price rise mainly in line with a firming trend in overseas markets on optimism that stimulus will be sustained

Gold futures prices rose by 0.38% to Rs 27,016 per 10 gm today as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange, the June contract rose by Rs 102, or 0.38%, to Rs 27,016 per 10 grams, with a business turnover of 1,757 lots.

The August contract moved up by Rs 94, or 0.34%, to Rs 27,350 per 10 grams, with a trade volume of 116 lots.

Market analysts said the rise in gold futures was mainly in line with a firming trend in overseas markets on optimism that stimulus will be sustained, countering a drop in bullion-backed exchange-traded products.

Meanwhile, gold rose by 0.70 to $1,477.25 an ounce in Singapore in early trade today.