Gold futures rise Rs 70 tracking firm trend in overseas bullion market
Speculators widened their bets backed up a firming global trend as investors weighed the prospects of the metal as a safe-haven even as equities in Asia continued to rally, according to market analysts.
Gold rose by Rs 70 to Rs 26,230 per 10 grams in futures trading on Monday as speculators enlarged their positions, tracking a firm trend in the overseas bullion market.
At the Multi Commodity Exchange of India (MCX), gold for delivery in February spurted Rs 70, or 0.27%, to Rs 26,230 per 10 grams, in a business turnover of 389 lots.
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Similarly, the metal for delivery in far-month April was also trading higher by Rs 61, or 0.23%, to Rs 26,261 per 10 grams in 23 lots.
Market analysts said speculators widened their bets backed up a firming global trend as investors weighed the prospects of the metal as a safe-haven even as equities in Asia continued to rally.
Globally, gold climbed 0.3% to $1,101.04 an ounce (nearly Rs 74,474.35) in Singapore.