Gold futures climb Rs 420 on global cues

Mumbai-India (Mar 17)  Gold prices zoomed by Rs 420 to Rs 29,386 per 10 grams in futures trade today as speculators created positions amid positive cues from the global market.

 At the Multi Commodity Exchange, gold for delivery in April moved up by Rs 420, or 1.45 per cent, to Rs 29,386 per 10 grams in a business turnover of 1,541 lots.

 The metal for delivery in far-month June was trading higher by Rs 424, or 1.45 per cent, to Rs 29,670 per 10 grams in a turnover of 202 lots.

 Analysts said a firming trend in global market after the US Federal Reserve scaled back its projection for interest-rate hikes this year, weakened the dollar and raised the demand of gold as a safe-have, influenced the precious metal here in futures trade.

 Meanwhile, gold rose USD 30.30, or 2.46 per cent to USD 1,262.10 an ounce in New York yesterday.

Source: TheHindu