India: Gold futures climb Rs. 279 on global cues

New Delhi-India (Mar 8)  Gold prices spurted by Rs. 279 to Rs. 29,871 per 10 gram in futures trade as speculators widened their bets taking positive cues from the global market.

At the Multi Commodity Exchange, gold for delivery in April was trading Rs. 279 or 0.94 per cent higher at Rs. 29,871 per 10 gram in business turnover of 541 lots.

The metal for delivery in far—month June also moved up by Rs. 275 or 0.92 per cent to Rs. 30,127 per 10 gram in a turnover of 22 lots.

Analysts said fresh positions created by participants following a better trend in global market as commodities extended their recovery after China said it will boost efforts to right the economy and the US dollar weakened, supported the upside in gold futures here.

Meanwhile, gold traded higher at USD 1,268.03 an ounce in Singapore, from USD 1,267.33.

Source: TheHindu