Gold a shade higher in futures trade on global cues

Futures gold

Taking positive cues from the global market, gold prices rose marginally by 0.15 per cent to Rs 31,226 per 10 grams in futures trade today as speculators created fresh positions.

At the Multi Commodity Exchange, gold for delivery in April moved up by Rs 48, or 0.15 per cent, to trade at Rs 31,226 per 10 grams, with a turnover of 275 lots. Similarly, gold for February delivery gained Rs 39, or 0.13 per cent, to Rs 30,736 per 10 grams, with a business volume of 3,641 lots.

Marketmen said gains in gold prices at futures trade was mostly in line with a firming trend overseas as US lawmakers struggled to reach a budget deal before automatic tax increases and spending cuts start to take effect from tomorrow, boosting demand for a safe haven.

Globally, gold rose USD 6.50, or 0.39 per cent to USD 1,662.80 an ounce in early trade in Singapore.

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