Gold futures up by 0.5% on global cues

Gold rose by Rs 124 to Rs 26,906 per ten grams in futures trading today as speculators enlarged their positions, tracking a firming trend overseas.

Gold for delivery in February rose by Rs 124, or 0.46%, to Rs 26,906 per 10 grams, in a business turnover of 388 lots.

Similarly, the metal for delivery in April was also trading higher by Rs 111, or 0.41%, to Rs 27,074 per 10 grams in 173 lots.

Analysts said speculators widened their bets, tracking a firming global trend as losses in equities and oil boosted safe-haven demand, bolstering its position as this year's best performing commodity, and as investors reduced expectations of further US rates rises.
 
Globally, gold inched up 0.09% to $1,129 an ounce in New York yesterday.