Gold up by 0.4% on global cues

Mumbai-India (Apr 18)  Gold rose by Rs 119 to Rs 29,282 per ten gram in futures trading today as speculators raised their bets, tracking a firming trend overseas.

 Gold for delivery in far-month August rose by Rs 119, or 0.41%, to Rs 29,282 per 10 gram, in a business turnover of 13 lots.

Similarly, the metal for delivery in June was also trading higher by Rs 111, or 0.38%, to Rs 29,070 per 10 grams in 593 lots.

 Analysts said speculators widened their bets, tracking a firming global trend as demand for safe haven picked up as the failure of talks among oil producers to cap output triggered a selloff in crude and equities, influenced gold futures here.

 Globally, gold inched up 0.5% to $1,239.56 an ounce in Singapore.

 The precious metal has risen 16% this year amid financial-market tumult and concerns over the outlook for global economic growth at the start of the year.

 Crude tumbled by the most in two months, while Asian equities slumped from the highest close in four months, after the talks on Sunday between the world's oil biggest producers in Doha ended without any agreement.

Source: Business-Standard