Gold futures up on higher Asian cues

Tracking a firming Asian trend, gold prices rose by Rs 138 to Rs 28,335 per 10 grams in futures trade today.

At the Multi Commodity Exchange, gold for delivery in June rose by Rs 138, or 0.49 per cent, to Rs 28,335 per 10 grams, with a business turnover of 6,469 lots.

Similarly, the metal for delivery in August moved up by Rs 133, or 0.47 per cent, to Rs 28,718 per 10 grams, with a business turnover of 186 lots.

Analysts said fresh buying by speculators on hopes of rise in demand amid firming trend in Asian region mainly led to the rise in gold prices at futures market here.

Meanwhile, gold advanced 0.8 per cent to a one-week high of USD 1,648.80 an ounce in Singapore.