Gold futures remain up on global cues, spot demand

Mumbai-India (Feb 4)  Gold futures traded a shade higher at Rs 27,220 per ten grams today as participants widened their bets, tracking a firming trend overseas.  Besides, pick up in demand in the spot market in view of wedding season further fuelled the uptrend.

 At the Multi Commodity Exchange, gold for delivery in February month edged up by Rs 22, or 0.08 per cent to Rs 27,220 per ten grams in business turnover of 22 lots.

 On similar lines, the yellow metal for delivery in April contracts traded higher by Rs 23, or 0.08 per cent to Rs 27,288 per ten grams in 4,949 lots.

 Analysts said participants strengthened their positions, tracking a firming global trend where gold held near the highest level since October after waning bets on US interest rate rise weakened the dollar, mainly influenced gold prices.

Source: TheHindu