Gold futures up by 1.4% on global cues

Gold prices went up by a whopping Rs 361 to Rs 26,785 per 10 grams in futures trading today as speculators widened their bets, tracking a firming trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month April spurted by Rs 361 or 1.37% to Rs 26,785 per 10 grams in a business turnover of 155 lots.

Similarly, the metal for delivery in February was also trading higher by Rs 350 or 1.33% to Rs 26,737 per 10 grams in 780 lots.

Market analysts said speculators enlarged their bets on the back of a firming global trend ahead of the first Federal Open Market Committee meeting this year and as China's imports of the metal from Hong Kong surged to the highest level in more than two years, mainly influenced gold prices at the futures trade.
 
Globally, gold increased as much as 1.07% to over two-month high of $1,119.70 an ounce in New York last night.