Gold futures rise 0.33% on firm global cues

Wednesday, Feb 24, 2016,11:48 IST By metrovaartha A A A

New Delhi | Gold prices moved up by 0.33 per cent to Rs 29,400 per 10 grams in futures trade Wednesday as participants raised bets amid positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in April rose by Rs 98, or 0.33 per cent, to Rs 29,400 per 10 grams, in a business turnover of 959 lots. In a similar fashion, the metal for delivery in far-month June traded higher by Rs 90, or 0.30 per cent, to Rs 29,643 per 10 grams in 12 lots.

Analysts attributed the rise in gold prices to a firming trend overseas where it held an advance as stocks and crude oil retreated, boosting demand for haven assets, and investors weighed economic data from the US that could provide clues on whether the Federal Reserve will raise interest rates this year.

Globally, gold traded tad higher at USD 1,229.11 an ounce from USD 1,226.85 yesterday in Singapore.