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Gold rises marginally on global cues, spot demand

December contract rises 0.09%

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Press Trust of India New Delhi

Gold futures prices today rose marginally by 0.09% to Rs 30,441 per 10 grams as speculators enlarged positions in tandem with a firm global trend amid the rising spot demand.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 28, or 0.09%, to Rs 30,441 per 10 grams, with a business turnover of 55 lots.

October gold edged up by Rs 26, or 0.09%, to Rs 30,080 per 10 grams in 1,670 lots.

Marketmen attributed the rise in gold futures to a firm global trend on speculation that central banks across the world are poised to step up stimulus measures to counter the economic slowdown, boosting investment demand for the metal.

 

An upward trend in the domestic spot markets on the back of festive demand supported the uptrend, they said.

Meanwhile, gold gained 0.3% to $1,613.70 an ounce in early trade today in Singapore.

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First Published: Aug 14 2012 | 12:16 PM IST

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