Gold futures up on global cues, spot demand

Gold futures prices today rose by 0.18 per cent to Rs 30,616 per 10 gram as speculators enlarged their positions, driven by a firming trend overseas and festive season demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 54, or 0.18 per cent, to Rs 30,616 per 10 gram in business turnover of 807 lots.

The metal for delivery in far-month February next year traded Rs 47, or 0.16 per cent, higher at Rs 30,282 per 10 gram in a turnover of 20 lots.

Globally, gold rose by 1.02 per cent to USD 1,347.30 an ounce in New York yesterday.

Market analysts said a firming trend in the global market as weaker-than-forecast US data and concern that growth was hurt by a government shutdown boosted speculation the Federal Reserve will delay a cut in stimulus, mainly influenced gold futures here.

Besides, a firming trend at domestic spot markets on the back of ongoing festive and wedding season demand, also supported the upside, they said.

In the national capital, gold regained Rs 32,000 level after seven weeks and traded Rs 480 higher at Rs 32,410 per ten gram in yesterday's trade.