Gold up 0.7% on firm global cues

Last Updated: Mon, Oct 07, 2013 11:58 hrs

Gold futures prices rose by 0.79% to Rs 29,000 per 10 gm today as speculators enlarged their positions on the back of firming global trends.

At the Multi Commodity Exchange, gold for delivery in February, 2014 rose by Rs 228, or 0.79%, to Rs 29,000 per 10 grams, with a business turnover of 11 lots.

In a similar fashion, the metal for delivery in December contracts moved up by Rs 226, or 0.78%, to Rs 29,315 per 10 grams, with a trade volume of 666 lots.

Market analysts said the rise in gold futures was mainly in line with a firming trend in overseas markets as a partial government shutdown entered a seventh day, spurring speculation that the political impasse may prompt the Federal Reserve to extend stimulus.

Meanwhile, gold rose by 0.60% to $1,319 an ounce in Singapore today.

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