 "Gold futures surge on global cues")
Gold prices rose Rs 78 to Rs 27,775 per 10 grams in futures trade today as speculators enlarged positions taking positive cues from overseas markets.
Besides, increased demand at domestic spot markets for the wedding season, too, supported the upside.
In futures trading at Multi Commodity Exchange, gold for delivery in far-month August moved up by Rs 78, or 0.28%, to Rs 27,775 per 10 grams, with a business turnover of 25 lots.
Marketmen said speculators widened their positions, tracking a firming trend overseas, which soared to almost a 3-month high after weak US data sent the dollar to a 4-month low, boosting appeal for precious metals as a safe haven. This mainly influenced gold futures trade.
Globally, gold in Singapore traded at $1,222.87 an ounce in Singapore.
Besides, increased demand at domestic spot markets for the wedding season, too, supported the upside.
In futures trading at Multi Commodity Exchange, gold for delivery in far-month August moved up by Rs 78, or 0.28%, to Rs 27,775 per 10 grams, with a business turnover of 25 lots.
More From This Section
On similar lines, the metal for delivery in June contracts was up by Rs 62, or 0.23%, to Rs 27,525 per 10 grams, with a trade volume of 253 lots.
Marketmen said speculators widened their positions, tracking a firming trend overseas, which soared to almost a 3-month high after weak US data sent the dollar to a 4-month low, boosting appeal for precious metals as a safe haven. This mainly influenced gold futures trade.
Globally, gold in Singapore traded at $1,222.87 an ounce in Singapore.