Gold up 0.2% on global cues, spot demand

Amid a firming trend in the global market, gold prices rose 0.20% to Rs 31,820 per 10 gram in futures trade today as speculators created fresh positions. Besides, a firming trend at the domestic spot markets on the back of stockists buying ahead of festive season, also supported the rise in gold futures prices here. At the Multi Commodity Exchange, metal for delivery in October gained Rs 66, or 0.20%, to trade at Rs 31,820 per 10 gm in a turnover of 655 lots.
On similar lines, gold for delivery in far-month December gained Rs 65, or 0.21%, to Rs 31,756 per 10 gram in a business volume of 41 lots. Analysts attributed rise in gold prices at futures trade to the precious metal’s gains in the global markets on speculation that the US Federal Reserve may hold off on curbing stimulus measures in September after slump in new-home sales in July. Further, increased buying at domestic spot markets ahead of festive season also influenced prices, they said. Globally, gold rose 0.70% to $1,407.18 an ounce in Singapore, the highest since June 7.

Source: business-standard

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