Gold futures up Rs 58 on global cues

Tuesday, Oct 18, 2016,11:10 IST By metrovaartha A A A

New Delhi | Gold prices were higher by Rs 58 to Rs 29,859 per 10 gram in futures trade as speculators widened their bets taking positive cues from the global market on Tuesday.

At Multi Commodity Exchange, gold for delivery in February 2017 contracts was up by Rs 58 or 0.19 per cent to Rs 29,859 per 10 gram in business turnover of one lot.

The metal for delivery in December also moved up by Rs 33 or 0.11 per cent to Rs 29,738 per 10 gram in a turnover of 297 lots.

Analysts said widening of positions by participants following a better trend in global market as US manufacturing data failed to lend clear support for higher interest rates in the world’s biggest economy, weakening dollar and rising demand for the precious metal as safe-haven supported the upside in gold futures here.

Meanwhile, gold traded 0.25 per cent higher at USD 1,258.50 an ounce in Singapore.