Gold rises in futures trade on global cues

New Delhi: Gold prices rose 0.54 per cent to Rs 26,100 per 10 grammes in futures trade today as speculators created fresh positions, taking positive cues from global markets. At the Multi Commodity Exchange, gold for delivery in December was up by Rs 40 or 0.54 per cent to Rs 26,100 per 10 gm in a business turnover of eight lots. The metal for delivery in October moved up by Rs 137 or 0.53 per cent to Rs 25,960 per 10 gm in a turnover of 557 lots.

Market analysts said rise in the precious metal in global markets after China increased its bullion reserves and billionaire Stan Druckenmiller bought the metal. Globally, gold climbed as much as 0.1 per cent to USD 1,116.32 an ounce in Singapore today. Meanwhile, the metal climbed 1.9 per cent last week after China’s surprise yuan devaluation on August 11 boosted haven demand. That was the biggest weekly increase since May.

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