Gold futures rise 0.24% on global cues

Wednesday, Nov 16, 2016,11:53 IST By Metrovaartha A A A

New Delhi | Gold prices rose by 0.24 per cent to Rs 29,390 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 70 or 0.24 per cent to Rs 29,390 per 10 gram in a business turnover of 129 lots.

Likewise, the yellow metal for delivery in far-month February next year moved up by Rs 50 or 0.17 per cent to Rs 29,156 per 10 gram in five lots.

Analysts said fresh positions created by traders in line with a firm global trend after gold snapped its biggest three-day drop in more than a year amid signs that prices fell too far, too fast and as the dollar weakened for the first time since last week’s US presidential election, influenced the precious metal prices at futures trade.

Globally, gold rose 0.11 per cent to USD 1,229.80 an ounce in Singapore.