Gold futures up Rs 40 as participants create position

Gold prices rose by Rs 40 to Rs 28,182 per ten gram in futures trading today as speculators widened their bets.

However, prices were almost unchanged in global markets ahead of the outcome of a two-day meeting of the US Federal Reserve.

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 40, or 0.14 per cent, to Rs 28,182 per ten gram, in a business turnover of 85 lots.

Analysts said raising of bets by participants at current levels, mainly pushed up gold prices at futures trade here but a steady trend overseas, capped the gains.
 

Globally, gold was trading at USD 1,243.50 an ounce in Singapore.