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Gold rises in futures trade on firm global cues

A firming trend in the domestic spot market on account of marriage season demand also supported the rise in yellow metal prices in futures trade.

twitter-logoPTI | May 25, 2011 | Updated 14:09 IST

Gold prices rose by 0.30 per cent to Rs 22,450 per 10 grams in futures trade on Wednesday as speculators enlarged positions, buoyed by a firming global trend.

A firming trend in the domestic spot market on account of marriage season demand also supported the rise in yellow metal prices in futures trade.

At the Multi Commodity Exchange, gold for delivery in June gained Rs 68, or 0.30 per cent, to Rs 22,450 per 10 grams, clocking a business turnover of 1,172 lots. Gold for June contract delivery ended 0.36 per cent higher at Rs 22,382 per 10 grams in the previous session.

Likewise, the metal for delivery in August advanced by Rs 61, or 0.27 per cent, to Rs 22,657 per 10 grams, with a business volume of 223 lots.

Analysts said the trading sentiment was buoyed by a firming trend in the global market, where gold gained for the third straight day as deepening concern over Europe's sovereign debt crisis spurred demand for the metal as a protection of wealth.

Meanwhile, gold gained $8.90 to $1,526.10 an ounce in New York Tuesday night.

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