Gold futures rise Rs 59 as speculators widen position

Gold prices were up by Rs 59 to Rs 29,162 per 10 grams in futures trade today as speculators raised their bets even as metal weakened overseas.
In futures trading at the Multi Commodity Exchange, gold for delivery in far-month February was trading higher by Rs 59, or 0.20 per cent, to Rs 29,162 per 10 grams, in a business turnover of 13 lots.
The yellow metal for delivery in December gained Rs 49, or 0.17 per cent, to Rs 29,188 per 10 grams in 322 lots.
Market analysts attributed the rise in gold prices at futures trade to widening of positions amid a better trend in precious metals overseas.

Meanwhile, gold was trading lower 0.09 per cent at USD 1,213.37 an ounce in Singapore.