Gold futures rise 0.16% on global cues

New Delhi: Gold prices edged higher by 0.16 per cent to Rs 30,700 per 10 grams in futures trade today as speculators raised bets, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in far-month June rose by Rs 49, or 0.16 per cent to Rs 30,700 per ten grams in business turnover of 312 lots. Likewise, the yellow metal for delivery in April contracts was quoting higher by Rs 46, or 0.15 per cent to Rs 30,495 per ten grams in 1,247 lots. Analysts said widening of positions by participants in tandem with a firming trend in the global markets on the weaker dollar after the US Federal Reserve increased interest rates and forecast at least two more hikes for 2018, falling short of the three more increases many expected, influenced gold prices at futures trade. Globally, gold rose 1.60 per cent to USD 1,331.80 an ounce in New York in yesterday’s trade.