Gold futures up Rs 134 on global cues

Gold futures were up by Rs 134 to Rs 28,254 per 10 grams as traders raised bets amid positive cues from global markets.
At the Multi Commodity Exchange, gold for delivery in August contracts was quoting higher by Rs 134, or 0.48 per cent, at Rs 28,254 per 10 grams in a business turnover of 8,883 lots.
Similarly, the metal for delivery in far-month October traded higher by Rs 133, or 0.47 per cent to Rs 28,464 per 10 grams, in 596 lots.
Analysts attributed the rise in gold prices to a firming trend overseas where it strengthened as the dollar weakened, boosting demand for precious metals as a store of value.

Meanwhile, gold rose 0.67 per cent higher at USD 1,242 an ounce in New York yesterday.