India: Gold futures surge to Rs. 26,785 per 10 gm

New Delhi-India (Jan 27)  Gold prices went up by Rs. 361 to Rs. 26,785 per 10 grams at the futures trading today as speculators widened their bets, tracking a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month April spurted Rs. 361 or 1.37 per cent to Rs. 26,785 per 10 grams in a business turnover of 155 lots.

Similarly, the metal for delivery in February was also trading higher by Rs. 350 or 1.33 per cent to Rs. 26,737 per 10 grams in 780 lots.

Market analysts said speculators enlarged their bets on the back of a firm global trend ahead of the first Federal Open Market Committee meeting this year and as China’s imports of the metal from Hong Kong surged to the highest level in more than two years.

Globally, gold increased as much as 1.07 per cent to over two-month high of $1,119.70 an ounce in New York last night.

Source: TheHindu