Gold prices up 0.83 pc in futures trade on global cues

Gold prices rose by 0.83 per cent to Rs 29,324 per ten grams in futures trade on Tuesday as speculators created fresh positions, tracking a firm global trend.

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 239, or 0.83 per cent, to Rs 28,650 per ten grams in a business turnover of 91 lots.

Similarly, the metal for delivery in February moved up by Rs 207, or 0.71 per cent, to Rs 29,117 per ten grams in 3,919 lots.

Analysts said speculators created fresh positions, tracking a firm global trend as the dollar extended its decline and investors assessed whether the Federal Reserve will pare stimulus after hints of a reduction from policy makers, mainly influenced gold prices at futures trade.

Meanwhile, gold advanced 0.6 per cent to $1,247.40 an ounce in Singapore.