Gold futures rise by 0.4% on global cues

Mumbai-India (Mar 26)  Gold prices rose by 0.42% to Rs 26,593 per 10 grams in futures trade today as participants engaged in enlarging positions on a firming trend overseas.

 At the Multi Commodity Exchange, the metal for delivery in April contracts gained Rs 110, or 0.42%, to trade at Rs 26,593 per 10 grams in a turnover of 171 lots.

 Similarly, the metal for delivery in June moved up by Rs 94, or 0.35%, to Rs 26,800 per 10 grams, clocking a business volume of 33 lots.

 Analysts said a firming trend in global markets where gold climbed above $1,200 an ounce as Saudi Arabia and its allies started bombing targets in Yemen, boosting safe-haven demand, supported the rise in the precious metal at futures trade here.

 Globally, gold climbed 0.4% to $1,200.46 an ounce in Singapore today, the highest level since March 6.

Source: BusinessStandard