New Delhi | Gold futures were up 0.10 per cent to Rs 27,650 per 10 grams as traders raised bets amid positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in far-month June rose by Rs 28 or 0.10 per cent to Rs 27,650 per ten grams in a business turnover of two lots. Similarly, the metal for delivery in April contracts traded higher by Rs 25 or 0.09 per cent to Rs 27,447 per ten grams in 117 lots.
Analysts attributed the rise in gold prices to a firming trend overseas as the dollar extended losses amid fading expectations of a US rate hike this year, raising demand for the precious metal. The dollar’s retreat has been sparked by tepid US data, raising concerns over the strength of the economy and dampening expectations of further rate increases this year.
Meanwhile, gold was trading higher at USD 1,155.95 an ounce in Singapore.
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