Gold rises in futures trade on global cues

Gold prices rose 0.27 per cent to Rs 27,020 per 10 grams in futures trade today as speculators created fresh positions after the precious metal resurged in global markets.

At the Multi Commodity Exchange, gold for delivery in February next year was up by Rs 72, or 0.27 per cent, to Rs 27,020 per 10 grams in a business turnover of just one lot.

The metal for delivery in December moved up by Rs 50, or 0.19 per cent, to Rs 26,860 per 10 grams in a turnover of 458 lots.

Market analysts said further recovery in the precious metal in global markets as the drop to this year’s low lured Chinese buyers returning from a week-long break and pick-up in demand at domestic market for the festive season, influenced gold prices at futures trade here.

Gold prices spurted by Rs 210 to Rs 27,280 per ten grams in the national capital in yesterday’s trade.

Meanwhile, gold climbed as much as 0.50 per cent to US $1,214.54 an ounce in Singapore today.