Gold futures gain 0.50 per cent on strong overseas trend

Gold futures gain 0.50 per cent on strong overseas trend
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New Delhi: Gold prices rose 0.50 per cent to Rs 30,366 per 10 grams in futures trade on Thursday as speculators built up fresh positions, tracking a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month April traded higher by Rs 150, or 0.50 per cent, at Rs 30,366 per 10 grams, in a business turnover of 36 lots.

On similar lines, the metal for delivery in February went up by Rs 147, or 0.49 per cent, to Rs 30,396 per 10 grams in 176 lots.

Analysts said traders created fresh positions in step with a firm global trend as the dollar weakened to near three-year lows in the wake of comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, raised demand for the precious metal as a safe-haven.

Globally, gold held firm nearly 1-1/2 year highs at 1,363.60 an ounce, by rising 0.43 per cent in Singapore.

PTI