Gold futures up Rs 167 on firm global cues

Wednesday, May 11, 2016,11:20 IST By metrovaartha A A A

New Delhi | Gold prices rose Rs 167 to Rs 29,950 per 10 grams in futures trading Wednesday as participants widened bets, triggered by a firming trend overseas.

At the Multi Commodity Exchange, gold for delivery in June was trading higher by Rs 167, or 0.56 per cent, to Rs 29,950 per 10 grams, in a business turnover of 202 lots. Similarly, the yellow metal for delivery in far-month August traded higher by Rs 109, or 0.36 per cent, to Rs 30,100 per 10 grams in three lots.

Analysts said a firming trend in the global market where gold climbed for a second day as assets in bullion-backed funds rose to their highest since December 2013 and Goldman Sachs Group Inc raised its price forecasts mainly influenced the precious metal prices at futures trade.

Globally, gold rose 0.3 per cent to USD 1,269.40 an ounce in Singapore today.