Gold futures rise on global cues

NEW DELHI: Supported by firm trend overseas and pick-up in spot demand, gold prices rose by Rs 75 to Rs 31,475 per 10 grams in futures trade today as speculators created fresh position.

At the Multi Commodity Exchange, gold for delivery in October rose by Rs 75, or 0.24 per cent, to Rs 31,475 per 10 grams, with a business turnover of 1,821 lots.

Similarly, the yellow metal for delivery in December traded higher by Rs 63, or 0.20 per cent, to Rs 31,774 per 10 grams, with a business turnover of 556 lots.

Marketmen said fresh positions created by speculators, driven by a firming trend overseas as central banks and investors bought the metal to hedge against the prospect of weaker currencies and slowing growth mainly led to a rise in gold prices at futures trade.

Besides, a recovery in the domestic market on fresh demand also supported the upside, they said.

Meanwhile, gold rose 0.2 per cent to USD 1,764.55 an ounce in Singapore.