Gold futures spurt Rs 124 on global cues

Wednesday, Feb 3, 2016,11:21 IST By metrovaartha A A A

New Delhi | Gold rose by Rs 124 to Rs 26,906 per ten grams in futures trading Wednesday as speculators enlarged their positions, tracking a firming trend overseas. Gold for delivery in February rose by Rs 124, or 0.46 per cent, 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 per cent, 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 per cent to USD 1,129 an ounce in New York yesterday.