Gold up by 1.5% in futures trade on global cues

Gold prices zoomed by Rs 397 to Rs 26,170 per 10 gram in futures trade today as speculators took fresh positions on positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in October was sharply up by Rs 397 or 1.54% at Rs 26,170 per 10 gram in a business turnover of five lots.

The metal for delivery in far-month December also shot up by Rs 352, or 1.36% to Rs 26,426 per 10 gram in a turnover of 596 lots.

Market analysts said the rise in global market prices, after the US jobs data fuelled speculation that the Federal Reserve will not hike key interest rates any time soon, raised demand for gold and other commodities. This influenced gold prices in futures market in India as well.
 
Globally, gold was trading at $1,137.94 an ounce in Singapore today. The precious metal had rallied 2.2% on Friday.