Gold up 0.2% on global cues

Market analysts said speculators created fresh positions in tandem with a firm global trend that led to rise in gold prices

Gold prices rose by 0.27% to Rs 29,345 per ten grams in futures trade today as speculators created fresh positions, tracking firm global trend.

At the Multi Commodity Exchange, gold for delivery in February rose by Rs 80, or 0.27%, to Rs 29,345 per ten grams in a business turnover of 952 lots.

Similarly, the metal for delivery in April gained Rs 57, or 0.20%, to Rs 28,701 per ten grams in 88 lots.

Market analysts said speculators created fresh positions in tandem with a firm global trend where gold rose to six-week high that led to rise in gold prices at futures trade.

Meanwhile, it rose 0.5% to $1,260.07 an ounce, the highest price since December 11 in Singapore.