Gold up 0.16 pc on positive global cues

Gold prices were up by 0.16 per cent to Rs 29,989 per 10 gram in futures trade today as speculators widened their positions amid a firm global trend.
At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 47 or 0.16 per cent to Rs 29,989 per 10 gram in a business turnover of 606 lots.
The yellow metal for delivery in February next year gained Rs 35 or 0.12 per cent to Rs 29,975 per 10 gm in 10 lots.
Market analysts attributed rise in gold prices to building up fresh positions by participants, tracking positive global cues on speculation that demand will be boosted by the Diwali festival in India, the world's largest bullion-consuming country after China.

Meanwhile, gold rose 0.16 per cent to trade at almost three-week high of USD 1,275.10 an ounce in Singapore.