Gold futures up on higher global cues

Gold prices rose by Rs 54 to Rs 27,579 per 10 grams in futures trade on Wednesday as speculators created fresh positions, motivated by a firming global trend.

At the Multi Commodity Exchange, gold for delivery in December gained Rs 54, or 0.20 per cent, to Rs 27,579 per 10 grams, with an open interest for 5,729 lots.

In a similar fashion, the metal for February contract delivery was trading higher by Rs 54, or 0.19 per cent, at Rs 27,909 per 10 grams in 334 lots.

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Market analysts said the trading sentiment improved after gold advanced in Asia as concern that a Greek referendum will threaten Europe's plan to end the region's debt crisis spurred demand for the previous metal as a safe haven investment.

Meanwhile, gold rose by 0.5 per cent to $1,728.10 an ounce in Singapore.