Gold moves up by 0.55 pct on global cues

Tracking a firming global trend, gold prices rose 0.55 per cent to Rs 27,119 per ten gram in futures trade today as speculators enlarged positions.

At the Multi Commodity Exchange, gold for delivery in December contracts moved up by Rs 147, or 0.55 per cent to Rs 27,119 per ten gram in business turnover of 1,800 lots.

On similar lines, gold for delivery in February traded higher by Rs 149, or 0.55 per cent to Rs 27,260 per ten gram in 24 lots.

Analysts attributed the rise in gold futures to a firming global trend where the metal traded at nearly four-week highs. as speculation that the US Federal Reserve may delay raising borrowing costs on slowing global growth hurt the dollar and boosted demand for a safe-haven.

Meanwhile, gold traded higher at USD 1,236.12 an ounce from USD 1,235.87 yesterday in Singapore.