Gold prices rise in futures trade on global cues

Gold prices rose 0.35 per cent to Rs 28,481 per 10 grams in futures trade as speculators created fresh positions after the precious metal climbed to over one-week high in the global markets.

At the Multi Commodity Exchange, gold for delivery in August was up by Rs 98, or 0.35 per cent, to Rs 28,481 per 10 grams in a business turnover of 13 lots.

The metal for delivery in June moved up by Rs 79, or 0.27 per cent, to Rs 28,984 per 10 grams in a turnover of 413 lots.

Market analysts said recovery in the precious metal in the global market where it soared to more than one-week level as a worsening crisis in Ukraine fuelled haven demand, influenced gold prices at futures trade.

Meanwhile, gold rose by 0.30 per cent to $1,306.59 an ounce in Singapore, the highest since April 16.