Gold futures gain Rs 99 on global cues

Gold futures were trading up by Rs 99 to Rs 28,890 per 10 grams as speculators raised their bets amid positive cues from global markets.
At the Multi Commodity Exchange, gold for delivery in August was trading higher by Rs 99, or 0.34 per cent, to Rs 28,890 per 10 grams in a business turnover of 8 lots.
The metal for delivery in June rose Rs 98, or 0.34 per cent, at Rs 28,717 per 10 grams in a turnover of 286 lots.
Analysts attributed the rise in gold prices to a firming trend overseas as political turmoil in the US reduced expectations of aggressive interest rate rise this year, pushing down US bond yields and drove the dollar to its lowest in six months, raising demand for the precious metals as a safe haven.

Meanwhile, gold was trading 1.96 per cent higher at USD 1,260.90 an ounce in Singapore.