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Gold Futures Higher Tracking Global Cues

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Gold futures rose on Thursday tracking global cues which recovered marginally from five-year low.

The dollar which fell against the basket of currencies supported the yellow metal. Gold and the dollar usually move in opposite directions, which means if the dollar goes up, gold will fall. This is because gold is measured by the dollar, which becomes more expensive for investors.

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Gold Futures Higher Tracking Global Cues
 

On Wednesday, gold fell to five-year low on renewed fears of US interest rate hike in December. The dollar which rose to 7-month high further weighed on the sentiment.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 136 or 0.54 per cent, to Rs 25,230 per 10 grams at 12.20 pm IST.

Likewise, the yellow metal for delivery in far-month February next year gained Rs 154, or 0.61 per cent, to Rs 25,409 per 10 grams during the trade.

International gold was seen trading at $1,078 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 155 each to Rs 25,780 and Rs 25,630 per ten grams, respectively, reports PTI.

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