Gold futures rise on global cues

Gold prices rose 0.47 percent to Rs 27,980 per 10 gram in futures trade Tuesday as speculators created fresh positions taking positive cues from overseas markets.

At the Multi Commodity Exchange, gold for delivery in far-month October contracts traded at Rs 131, or 0.47 percent, to Rs 27,980 per 10 gram with a business turnover of 8 lots.

Similarly, the metal for delivery in August moved up by Rs 120, or 0.43 percent, to Rs 27,896 per 10 gram, with a trade volume of 179 lots.

Marketmen said increased positions built-up by speculators after the precious metal traded at almost three-month high in global markets with holdings in the SPDR, the biggest gold-backed exchange-traded product, expanding 0.7 percent yesterday, influenced gold futures here.

Globally, gold climbed 0.90 percent to USD 1,326.90 an ounce in New York in yesterday's trade.

PTI