Gold Futures Soar Rs 351 On Positive Global Cues, Spot Demand

Gold prices climbed by Rs 351 to Rs 27,200 per 10 grams in futures trade today after participants widened their positions, tracking a firming trend overseas coupled with rising demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in October was sharply up by Rs 351 or 1.31 per cent to Rs 27,200 per 10 gram in a business turnover of 1,659 lots.

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Gold Futures Soar Rs 351 On Positive Global Cues, Spot Demand

The metal for delivery in far-month December spurted by by Rs 344 or 1.27 per cent to Rs 27,417 per 10 gram in a turnover of 53 lots.

Market analysts said a firming trend in global markets where the precious metal advanced for the fifth day to the highest level in a month on signs the Federal Reserve may delay an interest rate increase as inflation remains low, boosting the metal?s appeal as a haven, influenced gold prices at futures trade here.

Gold prices spurted by Rs 365 to over six-week high of Rs 26,700 per 10 gram in the national capital in yesterday's trade.

Meanwhile, gold climbed as much as 0.8 per cent to USD 1,161.31 an ounce in Singapore today, the highest level since July 13. The precious metal had surged 1.6 per cent in yesterday's trade.


Read more about: gold futures, investment, silver
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