Gold futures extend gains, up 0.3% on firm global cues

Extending gains for the third straight day, gold prices advanced by 0.27% to Rs 25,530 per 10 grams in futures trade today as speculators enlarged positions, taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in far-month February next year gained Rs 68, or 0.27%, to Rs 25,530 per 10 grams in a business turnover of 23 lots.

In a similar fashion, the metal for delivery in December traded higher by Rs 56, or 0.22%, to Rs 25,347 per 10 grams in 1,077 lots.

Analysts attributed the rise in gold futures to a firming global trend where it held an advance from a five-year low as Federal Reserve Vice Chairman Stanley Fischer said that US policy makers have done their best to prepare international markets for the first interest rate increase since 2006.
 
Meanwhile, gold rose 0.35% to $1,085.60 an ounce in Singapore.