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Gold futures climb Rs 42 on global cues

NEW DELHI: Gold prices rose by Rs 42 to Rs 28,936 per 10 gram in futures trade today as speculators took fresh positions on positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month August was trading higher by Rs 42, or 0.15 per cent, at Rs 28,936 per 10 gram, in a business turnover of four lots.

The metal for delivery in June was also up by Rs 27, or 0.09 per cent, to Rs 28,740 per 10 gram, in a turnover of 116 lots.

Market analysts said the rise in gold prices in futures trade to a firming trend in global markets as minutes from the Federal Reserve’s last meeting pointed to a June rate hike, weakened the dollar and raised appeal for the precious metals.

Globally, gold surged 0.63 per cent to close at USD 1,258.60 an ounce in New York yesterday.