Gold Edges Higher in Futures Trade on Global Cues

Gold prices rose by Rs 46 to Rs 27,790 per 10 gram in futures trade as speculators created fresh positions after the precious metal recovered in the global markets.

At the Multi Commodity Exchange, gold for delivery in far-month December was up by Rs 46, or 0.17 per cent, to Rs 27,790 per 10 gram in business turnover of 2 lots.

The metal for delivery in October month moved up by Rs 41, or 0.15 per cent, to Rs 27,611 per 10 gram in a turnover of 200 lots.

Analysts said recovery in the precious metal in the global market was on speculation that prices near the lowest level since June may encourage purchases as investors assessed tensions in Ukraine and the outlook for higher US borrowing costs helped gold to trade higher at futures trade here.

Meanwhile, gold rose 0.30 per cent, to $1,273.51 an ounce in Singapore.